As part of the new deal, New Balance, based in Boston, will design and supply custom high performance apparel for use in competition as well as warm-up and leisurewear for medal ceremonies, travelling and public appearances up to and including the Games in Rio.

"The look and feel of the Irish team's competition clothing is a vital element in the Team Ireland arrangements - especially in projecting our image on the world's greatest sporting stage," said OCI President, Pat Hickey.

"With this New Balance sponsorship, I believe that our athletes will be very happy with the results and that this dynamic company will provide the best quality design, fit and clothing textures needed for top Olympic performances."

New Balance replaces Japanese firm Asics who had been the official kit supplier to Team Ireland at London 2012.

The firm has a long association with Irish athletics having previous sponsorship agreements with Los Angeles 1984 Olympic marathon silver medallist John Treacy and two-time world indoor champion Marcus O'Sullivan.

New Balance also had a manufacturing base in Tralee, County Kerry in the late 1970s.

"When the opportunity arose to sponsor the Olympic Council of Ireland we could not have been more excited," said Tom Carleo, New Balance's vice-President of Running and Outdoor.

"New Balance has a long history with Irish athletics and we look forward to designing product that is both modern and heritage inspired that makes athletes and fans proud.

"This sponsorship and the significant growth we have experienced in the European market reinforce our ambition to become one of the leading athletics brands in the world."

Sprint hurdler Derval O'Rourke will be one of the Team Ireland athletes sporting the New Balance kit ©Getty Images