Hamilton, 41, finished first in the men's individual time trial and 18th in the men's road race in Athens but was disqualified from both events after admitting to having used performance-enhancing drugs.

The medal will now go to Russia's Viatcheslav Ekimov, which means he retains the title he had won in Sydney four years earlier. 

It is his third gold medal having been a member of the Soviet Union team that won the team pursuit event at Seoul in 1988. 

American Bobby Julich will be moved up from bronze to silver and Michael Rogers of Australia from fourth place to bronze.

After years of denials, Hamilton finally admitted last year that he had repeatedly used banned substances.

"Hamilton will be asked to hand the medal back and there will be an exchange of medals with the other athletes," International Olympic Committee (IOC) spokesman Mark Adams told a briefing after a disciplinary hearing.

Individual time trial victor Tyler Hamilton (centre) alongside Viatcheslav Ekimov (left) and Bobby Julich on the Athens 2004 podium

The IOC has an eight-year statute of limitations for changing Olympic results – which would have expired shortly.

Hamilton sent a letter to IOC President Jacques Rogge volunteering to give up the medal.

"I very much appreciate that you have expressed regret for having used performance-enhancing drugs and that you hope that, through your example and future efforts, this will discourage others from using performance-enhancing drugs," Rogge replied in a letter sent last month.

After Athens, Hamilton tested positive for a blood transfusion and was banned for two years.

And in 2009 he was hit with an eight-year ban after testing positive for steroids claiming he had taken an over-the-counter treatment for depression.

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