Eurosport parent company Discovery bought the exclusive European broadcast rights to the Olympic Games in the 2018-2024 period for £920m last year.
But British viewers will not need to subscribe to the satellite channel after the BBC agreed to sub-license the rights for the 2022 Winter Olympics and 2024 Olympics.
In turn, Discovery will sub-licence the TV rights to the next two Games from the BBC.
"The BBC prides itself on bringing the biggest sporting moments to the public," said BBC Director-General Tony Hall.
"For many, the BBC has been their stadium for Olympic coverage. It is an event that unites the nation like no other. I'm delighted that through our new partnership with Discovery, the BBC will continue to carry the torch for great sporting coverage right through to the 2024 Games.
"While the BBC has had to take some tough financial decisions, this partnership underlines our commitment to making world-class sport available to all."