An official announcement could be made as early as next week once financial negotiations are completed. 

The prospect of a double award for 2024 and 2028 was made possible earlier this month when plans received unanimous approval from the International Olympic Committee (IOC) at an Extraordinary Session in Lausanne. 

It means that both Games will likely be awarded at the IOC Session in Lima on September 13.

The IOC now claim to be working with both the Californian city and French capital Paris to reach a proposal over who should host which event.

Representatives from all three parties had already privately made clear that this is expected to end with Paris hosting in 2024 before Los Angeles holds the 2028 edition.

Speaking to Buzzfeed, Garcetti admitted that hosting the 2028 Olympic and Paralympic Games. was more likely for the city.

"The bid is all but done, we have won," he said.

"Twenty-twenty-four is not probably most likely to happen, even though the Olympics would be smart to pick us for 2024.

"After we do the Olympics, there is usually a line of cities who would like to do it, so the sooner the better.

"That said, they are making it financially - and we are negotiating this - so attractive we would be stupid not to take 2028.

"My dream is not just to host the Olympics, but to make sport free for every kid here, starting in a year or two.

"Next week we will announce our intentions if we are going to go for 2028 or 2024, Paris will get the other."

Under the approved plans by the IOC, spearheaded by President Thomas Bach, it was hoped that either Paris or Los Angeles would "raise their hand" and volunteer to host the later edition.

A separate candidature process would then be launched for 2028 during which a special IOC Evaluation Commission visit would be made.

This would be chaired by Switzerland's Patrick Baumann, head of the 2024 inspection panel.

This process would be completed before a final decision is made in Lima.

Garcetti, Bach and Paris Mayor Anne Hidalgo all joined hands in celebration when the double-award plans were confirmed.

In June, Garcetti revealed that Los Angeles would consider accepting the 2028 Olympics in return for the IOC funding youth sports programmes in the city.

Bach had warned that the 2028 host should not expect significant concessions, however.

Los Angeles has previously hosted the Games twice, in 1932 and 1984.