A formal announcement is to be made by the bid committee at 1am UK time, but Press Association Sport has been told an agreement has been made with the International Olympic Committee.
Caolinn Mejza, spokesperson for the City Council President Herb Wesson’s office, said: “The IOC has agreed a deal with the Los Angeles Olympic Bid Committee. The bid will now be reviewed by the city council on Friday morning.”
As a result - with official confirmation to come - Paris will host the 2024 Games and both cities will become triple Games holders.
Both LA and Paris had been bidding for the 2024 Games and the International Olympic Committee told the two to work out a plan or face going to a vote.
That vote - which would have been held at the 131st IOC session in Lima in Peru - will now not take place.
The announcement means the usual seven-year gap between the award and staging of a games will be waived for 2024.
With LA stepping aside and letting Paris take on 2024, it is expected to be given some financial assistance for the additional four years of host city-related costs.
It will also give the Californian city more time to complete its already-scheduled transport infrastructure improvements, although its venues are all ready for use now.
The two cities were the only ones left in the race for 2024 after Budapest, Hamburg and Rome withdrew.
LA hosted the games in 1932 and 1984, with Paris doing so in 1900 and 1924, meaning 2024 will be a 100th centenary celebration.