Seven Network has agreed a deal to broadcast the next three Olympics, including Rio 2016 and Tokyo 2020, it has been reported.
The broadcaster has signed the deal with the International Olympic Committee (IOC) and an announcement is expected later this week, it was reported by The Daily Telegraph in Sydney today.
The IOC have agreed to sell the rights for about AUD$200 million (£110 million/$188 million/€138 million), much less than the AUD$250 million (£137 million/$235 million/€173 million) they were originally hoping for, it is reported.
Seven broadcast every Olympics between Barcelona 1992 and Beijing 2008, before it lost the rights to Channel Nine and pay-television operator Foxtel, which jointly paid AUD$122 million (£67 million/$115 million/€84 million) for Vancouver 2010 and London 2012.
Netowrk Ten covered this year's Winter Games in Sochi.
Seven were the host broadcaster for the 2000 Olympics in Sydney, when the Opening Ceremony was one of the highest-ever rating television programmes in the country, with 6.5 million viewers.
But in Australia some of Seven's coverage has attracted criticism, including the lack of a broadcast of events to which Australia is not competing in, too many advertisements and at inappropriate times during events and poor commentating of events.
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April 2013: Exclusive: IOC to play waiting game on Australian TV rights