The deal will bring the Olympics back to the Southland for a third time since 1984 and 1932.
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News of the agreement opens the door for Paris to host the 2024 Olympic Games.
MORE: IOC to pick LA, Paris for 2024, 2028 games in September
L.A. and Paris were the two remaining bidders for the 2024 Summer Games, but International Olympic Committee members had been divided since visiting both locations this year.
MORE: LA 2024 releases renderings of proposed Olympic venues
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An official public announcement from L.A. Mayor Eric Garcetti is expected to be made at a 5 p.m. news conference, city officials said.
PHOTOS: LA lights up to help lure 2024 Olympics