The United States Olympic Committee (USOC) has signed a 30-year deal which will pave the way for a "world-class" museum to be built in Colorado.
Under plans, the state-of-the art building in downtown Colorado Springs - the home of the USOC - will showcase the US' long history of participation in the Olympic and Paralympic Games
The deal with the not-for-profit United States Olympic Museum includes a clause allowing it to be increased in 10-year increments.
"This agreement is the result of nearly two years of effort on the part of a group of dedicated citizens who share a vision of building a world-class museum dedicated to the values of the Olympic and Paralympic movements and the efforts and achievements of the US athletes of the modern Games," said Richard Celeste, President of the US Olympic Museum Board of Directors.
"We are grateful to the leadership of the USOC for the confidence they have placed in us.
"We will strive to achieve the same level of excellence in the planned museum experience that characterises the very best of our Olympians and Paralympians."
Those behind the project are aiming to secure at least $70 million (£41 million/€52 million) in private donations in order to build what is being labeled an "inspiring and extraordinarily dynamic venue".
As well as historic artifacts, the museum will also include exhibits with video and audio presentations, facilities for temporary exhibitions and permanent collections relating to the US and global Olympic and Paralympic movements, under the plans.
It will also be home to the US Olympic Hall of Fame and have the capacity to host special celebrations and events.
Scott Blackmun, chief executive of the USOC, said "The agreement reached this week ensures that the US Olympic Museum will be the type of world-class experience that fans of Team USA and the Olympic and Paralympic Games expect, and we're pleased to contribute to the museum's long-term success."
It is hoped the building of the museum will boost tourism to the area.
Echoing these hopes, Colorado Springs Mayor Steve Bach said the deal showed the area is "truly becoming America's Olympic City".