The five cities have two years to put together bids for the right to host the event after Rio de Janeiro next summer and Tokyo in 2020.
Voting from the IOC's 100 members at its September 2017 conference in Lima, Peru will determine the winner. Here's what you need to know about the five candidates:
Los Angeles, USA
- Replaced Boston in July as USA candidate.
- Has hosted the Games twice before - in 1932 and 1984.
- Proposes an "environmentally sustainable bid" which will reuse already existing venues including the Los Angeles Memorial Coliseum which hosted the last two Games.
- The city will hold a referendum to decide if the city wants to go ahead with the Games in November.
- There was 20,000 strong march in support of the Games demonstrates some public support.
- Has committed to putting on a carbon-neutral Olympics - including imposing a climate levy during the event - and total €50m budget.
- Bidding to become only the second Eastern European city to host the Olympics, after Moscow in 1980.
- Has lost with five previous bids, but the last came 55 years ago.
- Is one of the top 10 most successful medal-winning countries but is the only one never to host a Summer Olympics.
- Has been planning bid since 2008 and will point to experience in other tournaments such as the World Swimming Championships in 2021.
- Was favourite for the 2012 Games but missed out to London - also failed with bids for 1992 and 2008.
- London beat it to become the first city to host the Summer Olympics three times.
- Hosted the event twice before in 1900 and 1924.
- Rome pulled out of a bid for the 2020 Olympics due to governmental concerns with its large budget amid economic difficulties.
- Hosted the Games once before in 1960.
- Will make the Stadio Olimpico - home to Roma and Lazio and last refurbished for the 1990 football World Cup - the centrepiece of its bid.