Detroit manufacturer GM cut a landmark $1 billion, 10-year agreement with the USOC in 1997 but decided not to renew the deal in 2007 because of pressures in the auto industry.
The BMW deal - first reported by SportsBusiness Journal on Monday - is worth around $24 million according to press reports. German manufacturer BMW will become the first foreign automobile partner in the history of USOC.
Under the terms of the agreement, BMW will have rights to use Team USA branding up to an including the 2016 Rio Games.
BMW is also a sponsor of the 2012 London Olympic Games. The International Olympic Committee has been pursuing a partner in the automotive category and has spoken to both BMW and Volkswagen, a Sochi 2014 sponsor, about a worldwide deal.
