IOC to award both 2024 & 2028 Olympic Games at same time
The IOC has unanimously approved a recommendation to award the 2024 and 2028 Olympic Games at the same time.
Paris is favourite for the 2024 Games ahead of Los Angeles, but the loser could get the 2028 Olympics.
The two cities are the only ones left in the race for 2024 after Budapest, Hamburg and Rome withdrew.
IOC president Thomas Bach said the governing body's board had "unanimously approved" the decision.
On Wednesday, LA bid chair Casey Wasserman appeared to concede to Paris when he said, "we have never been only about 2024" but a spokesman later told BBC Sport: "LA is the ideal host city for 2024 and is not conceding anything in the race for the 2024 Games."
Wasserman said the LA bid requires no public funding and all the facilities are either built or being built anyway.
Meanwhile, Paris claimed it has to go first as the site it has earmarked for the Olympic Village will not be available for redevelopment after 2024.
Football's world governing body Fifa voted Russia and Qatar as hosts of the 2018 and 2022 World Cup in December 2010. It was the first time since the 1960s that multiple World Cups had been awarded at once.
Speaking after the announcement, Los Angeles Mayor Eric Garcetti and LA 2024 Chairman Casey Wasserman said in statement: "We welcome the IOC Executive Board's decision to recognize two excellent bids from two of the world's greatest cities.
"With no new permanent venues to build and unwavering public support, Los Angeles is an eternal Olympic city and ideal partner for the IOC.
"We look forward to sharing our unique story with the IOC membership in July and working together to offer the best path forward for our city and the Olympic Movement's future."
The team behind Paris 2024 also released a statement which read: "Paris 2024 welcomes today's decision by the Executive Board of the International Olympic Committee to review bidding processes and also organise an Extraordinary Session of the IOC in Lausanne in July.
"We believe that the IOC is acting in the best interests of the Olympic Movement and the future of the Games in taking these steps."
BBC Sport's Alex Capstick
Both Paris and LA claim they are the perfect match at a time when the IOC is trying to re-invigorate the movement.
The decision to approve plans for awarding the 2024 and 2028 Games simultaneously makes sense. It gives the IOC both stability and breathing space as it strives to make the Games a more appealing prospect to potential hosts, especially in the West where public opinion has turned against the idea.
Whatever is decided Thomas Bach and his lieutenants will be hoping it's not a case of moving the deckchairs on the Titanic.