Los Angeles has opted to host the 2028 Olympic Games, clearing Paris to stage the event in 2024.
The two cities were the only candidates bidding to stage the 2024 Olympics, but the 2028 Games was an alternative option after the International Olympic Committee (IOC) announced it would stage vote on the host of successive editions at next month's session in Lima.
LA, which will become a three-time Olympics host after previously staging the Games in 1932 and 1984, has agreed to step aside from the 2024 running after receiving financial concessions from the IOC.
The city's mayor Eric Garcetti said it had struck a deal that was "too good to pass up". The IOC will give the LA organising committee $2bn (£1.5bn) to go towards a $3.5bn budget of staging the Games.
"The Games in 2028 will give us the seed of a new Olympic legacy here in Los Angeles and around the world," said Garcetti.
"Because we can build that legacy right now, instead of waiting until the Olympics are over.
"Simply put, what we were able to negotiate - this deal was too good to pass up."
Last week Garcetti had said the IOC had made hosting in 2028 "financially so attractive, we'd be stupid not to take 2028".
Paris, which is also set to stage its third Games, was considered the favourite for the 2024 slot as it falls on the centenary of the last time it hosted.
The organising committee also cited the fact that the site it had earmarked for the Olympic Village would not be available for redevelopment in 2028.
"Paris and Los Angeles are two amazing global cities that are united in their support of the Olympic cause and we stand together now to help the Games thrive in 2024 and 2028," said Paris mayor Anne Hidalgo.
"As today's announcement shows, dialogue between the IOC and the two cities is progressing well. We are confident that a 'win-win-win' agreement can be finalised ahead of the IOC session in Lima."
Boston, Hamburg, Rome and Budapest all withdrew from the running for 2024 due to a lack of political and public support.