International Roller Sports Federation (FIRS) and the International Skateboarding Federation (ISF) are set to merge, the organisations have announced.
Approval for the proposed merger will be required at the FIRS Congress in September.
The organisation will be known as World Skate.
It is claimed the merger will help to provide a more modern platform for the management of all skate disciplines.
The two governing bodies claim the decision will also allow allowing autonomy for the governance, development and management of skateboarding through a commission chaired by Gary Ream, the current ISF President.
Skateboarding was added to the 2020 Olympic programme last August, along with baseball and softball, karate, sport climbing and surfing.
FIRS was selected as the world governing body, rather than a specific skateboarding organisation.
This was because neither the ISF nor the World Skateboarding Federation (WSF) were eligible to apply because they were not recognised by the International Olympic Committee (IOC).
Both groups are based in the United States, with the ISF in Pennsylvania and the WSF in California.
Ream was appointed head of a FIRS Commission governing the sport.
The Tim McFerran-led WSF opened a lawsuit against their rival bodies after appearing to have been cut out of the process.
FIRS President Sabatino Aracu claimed the merger will help to ensure skateboarding’s community can be preserved.
"For decades our federation has been a multi-sport organisation, always ensuring the autonomy of its disciplines and preserving at the same time their essence and integrity," he said.
"We knew that to ensure the proper representation of skateboarding in Tokyo, it was necessary to involve the associations that represent the whole of skateboarding culture including top athletes, event organisers, community organisations, NGOs (non-governmental organisations), and industry advisors.
"Only in this way the unique identity of the skateboarding community can be preserved and celebrated."
Speaking in the insidethegames Summer Edition magazine, Aracu claimed Rome-based FIRS had a "long history of bringing different sports together in harmony".
The proposed merger appears an attempt to achieve this with skateboarding, with concerns over the governance of the Tokyo 2020 Olympic competition having dominated the build-up to its addition last year.
Ream, an American entrepreneur and skate camp organiser, claimed the merger will help skateboarding make the most of its Olympic debut.
"We have worked hard to make sure that the inclusion of skateboarding in the Olympics respects and celebrates the culture skateboarders have built over the past 70 years," he said.
"Upon the successful integration of the ISF into FIRS as World Skate we will be in best position to not only put on an incredible show in Tokyo, but also to protect the history of and seize the Olympic opportunity to properly maximise the development of skateboarding around the globe."
A total of 40 athletes are due to take part in men and women's street and park skateboarding events at Tokyo 2020.
IOC sport director Kit McConnell welcomed the decision of FIRS and ISF to merge, suggesting it could help ensure they remain on the Olympic programme beyond the next Olympics.
"The inclusion of skateboarding in the Olympic Games Tokyo 2020 provides a unique opportunity to showcase the sport and also drive its longer term development around the world," he said.
"Through the rebranded World Skate, FIRS and the ISF are actively demonstrating a shared vision which not only celebrates the existing skateboarding communities around the world, but will benefit skateboarding and skateboarders through to the Olympic Games Tokyo and beyond."