Paris' Metropolitan Council has formally approved the decision to have a group led by construction company Bouygues build and operate the Aquatic Centre for the 2024 Games.
At a meeting yesterday afternoon, with around 20 elected representatives in attendance, the granting of the tender was confirmed, reports L'Équipe.
It will be built in Saint-Denis close to the Stade de France, the national stadium where football and rugby is often held.
The Stade de France will also host the Paris 2024 Opening and Closing Ceremonies.
Of those present, only Yves Contassot of the socialist party Génération.s abstained as Bouygues was selected over the other candidate, Vinci.
Three hours of discussion and voting ratified the choice of the winner.
Patrick Ollier, President of the Municipal Council, said an agreement would therefore be signed with the company on June 15 and claimed the project remained on budget.
"We are in the target of the €147 million (£131 million/$159 million) that we had set for ourselves," Ollier said in reference to the projected cost of construction only.
It is estimated that contingencies and additional costs mean the project as a whole will cost €174 million (£151 million/$190 million), compared to the €111 million (£96 million/$121 million) suggested during the bid phase.
Contassot raised concerns over the the rise in costs and the legacy.
"There is a significant legacy for Seine-Saint Denis, but our questions have not been raised on costs since we have gone from €87 million (£78 million/$94 million) to €147 million and on the financial risks during the works," Contassot said.
"What will happen if the attendance then collapses due to the pandemic?
"If there is a review clause, nothing says who pays in the end."
When Paris hosts the Games in 2024, it will become the second city to host the Olympics three times after London and four years before Los Angeles achieves the same feat.
The facility is expected to have a capacity of 6,000 people, with artistic swimming, diving and water polo set to take place at the venue.
During the Games the pool will be 50 metres in length for artistic swimming and water polo events, with the diving pool being 22m by 25m.
Temporary 50m pools will be set up by Paris 2024 at the venue during the Games for the swimming competitions, with plans for 15,000 spectators to attend.
French architecture firm Ateliers 2/3/4 and Dutch agency VenhoevenCS worked on the design.