A decision is due to be announced at the 130th International Olympic Committee (IOC) Session, which will be held in either Helsinki or Lima, in the summer of 2017. 

The campaign process is set to be the first held under the new bidding process expected to be adopted at the 127th IOC Session, due to be held here on Monday and Tuesday (December 8 and 9).

Under those proposals, a key part of IOC President Thomas Bach's Agenda 2020, bids would be allowed from more than one country or region.

That means there will be probably be unprecedented interest in the run-up to the Applicant City deadline of September 15, 2015. 

There is already expected to be a bid from the United States with them due to choose from a shortlist of Boston, Los Angeles, San Francisco and Washington, D.C.

Germany are expected to put forward either Berlin or Hamburg, while Paris and Rome are currently debating whether to bid. 

Baku and Doha, who have both bid unsuccessfully for 2016 and 2020, are likely to be part of the process.

Istanbul, beaten by Tokyo 2020, may also return for a sixth attempt.

Gauteng, the South African Province which includes Johannesburg and the country's capital Pretoria, could be the first to take advantage of the new rules allowing more flexibility and twin-centre bids.

Tokyo celebrate being awarded the 2020 Olympics and Paralympics at the IOC Session in Buenos Aires in September 2013 ©AFP/Getty Images

For cities that do bid there will be an information seminar to be hosted by the IOC in Lausanne from October 7 until 9 before the deadline of January 8 2016 for cities to submit Application Files and guarantee letters

The Agenda 2020 proposals are also designed to make the bid process more transparent and cheaper.

This includes encouraging cities to promote the maximum use of existing and temporary facilities and demountable venues.

Cities will also be limited as to the number of international meetings that candidates will be allowed to make presentations and for the IOC to incur the costs in relation to the visit of the Evaluation Commission.

Publication of the Candidature File is to be in electronic format only.

The IOC is also to publish the Host City Contract, including details of their financial contribution to the cost of hosting the Games.

The IOC will pick a shortlist of Candidate Cities at its ruling Executive Board meeting in either April or May 2016.

That is a much shorter timetable than for the 2020 race, where cities had to put themselves forward by May 2011 but a shortlist was not selected until a year later.

Those selected will then receive Candidate City Questionnaire and related documents and expected to send attend Rio 2016 as part of the observers programme. 

They will also be invited to the Rio 2016 Debrief in Tokyo in November or December that year. 

The deadline for Candidate Cities to submit Candidature File and guarantee letters will be in January 2017, which will be followed by the visit of the IOC Evaluation Commission in February and March. 

The Evaluation Commission report will be published in June 2017 to coincide with the Candidate Briefing to IOC members, which usually takes place in Lausanne. 

The date for the IOC Session will be announced following the selection of the host city, which is due to be made here on Tuesday. 

"We have had very positive discussions about potential bids for 2024 from different countries and we wanted to give some certainty to these countries and National Olympic Committees about the timeline of the procedure," said Bach.

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