The International Olympic Committee (IOC) membership has unanimously agreed to award both the 2024 and 2028 Olympic Games in Lima on September 13.
Following the historic move, a "tripartite agreement" is being sought between Los Angeles, Paris and the IOC.
Negotiations between the three parties are set to start immediately.
The initial format is expected to involve each bid talking separately with the IOC, rather than all three in a room together.
It will be headed by the IOC Olympic Games department.
This follows lengthy discussions during a three-and-a-half-hour IOC Extraordinary Session here today.
Under the approved plans, it is now hoped that either the French capital or the American city will "raise their hand" and volunteer to host the later edition.
A separate candidature process would then be launched for 2028 during which a special Evaluation Commission visit would be made.
It would be chaired by Switzerland's Patrick Baumann, the same figure who spearheaded the 2024 inspection panel.
This process would be completed before a final decision is made in Peru's capital.
All indications suggest that Paris will ultimately host the 2024 edition with Los Angeles following four years later.
The IOC will revert to initial plans to only award the 2024 Olympics this year if no agreement is reached.
But the enthusiastic reaction of Paris and Los Angeles' respective Mayors, Anne Hidalgo and Eric Garcetti, after the decision was confirmed indicates that talks are likely to succeed.
The duo linked arms to enter the IOC Session to say "thank you" before embracing IOC President Thomas Bach.
It followed a report by Australia's IOC vice-president and Legal Affairs Commission chair John Coates, during which he outlined how no change to the Olympic Charter was required.
Rule 33.2 of the Charter on picking host cities stipulates how, "save in exceptional circumstances, such election takes place seven years before the celebration of the Olympic Games".
Coates believes that this clause is to ensure that no shorter period was attempted.
"The internal view of our Legal Department is that no change of the Olympic Charter is required," he said.
"We went outside to [former IOC director general] François Carrard for an independent assessment and his view is also that no change at all is required."
Multiple IOC members did challenge this claim, though, during a lengthy question and answer session.
This included lawyers Denis Oswald of Switzerland and senior IOC member Richard Pound of Canada.
Pound also questioned the need for expensive bid presentations by the candidates at the IOC Session in Lima before expressing his concern that the opening of the candidature process for 2028 could lead to other bid cities stepping forward.
"That would be a huge mistake," he said.
"The only way you can do this is by not opening the candidature period.
"If four or five other cities express interest, we will be stuck.
"I recommend you do not open this because until we do, we can do whatever we want; otherwise, we get stuck under our own rules."
IOC Athletes' Commission members Adam Pengilly of Britain and Yelena Isinbayeva of Russia each raised concerns about guarantees made by the 2028 host.
Ultimately, though, the comments amounted to minor and constructive suggestions rather than genuine criticisms.
The IOC Executive Board then returned from a coffee break with three proposals connected to Coates' earlier recommendations.
These were passed unanimously - with no abstentions - although the wording of two parts was altered following a request by Pound.
In section one, the word "request" was switched with "authorise" while the word "reached" was switched for "concluded".
It came at an IOC Session attended by 83 of the 95 members.
Those absent included Kuwait's Association of National Olympic Committees President Sheikh Ahmad Al-Fahad Al-Sabah and International Paralympic Committee chief Sir Philip Craven.
IOC Executive Board member Sergey Bubka was also missing through illness.
Other absentees were the Emir of Qatar Sheikh Tamim as well as Princess Anne of Britain, Nat Indrapana of Thailand, Lee Kun-hee of South Korea, Gerhard Heiberg of Norway, Crown Prince Frederik of Denmark and Daniel Gyurta of Hungary.
Self suspended members Patrick Hickey of Ireland and Frank Fredericks of Namibia were also missing.