Several cities had expressed an interest in bidding, including Dallas and Tulsa, who have both been actively lobbying to be given the opportunity to put themselves forward.

It does, however, raise the chances of the US putting together a bid for the 2022 Winter Olympics and Paralympics, which Denver and Reno-Tahoe are both interested in hosting.

"On a long term basis we'd like to host the Games," said Scott Blackmun, the United States Olympic Committee (USOC).

"We are, right now, in discussion with the IOC about some broader based revenue sharing questions and we don't think it's in our interest to have an active bid while those discussions are active.

"So we're in a state of suspension in respect to an Olympic bid.

"It's highly unlikely at this point [we would bid for 2020]."

Chicago's bid for the 2016 Olympics and Paralympics - widely praised for its technical excellence - suffered the humiliation of being eliminated in the first round of voting at the IOC Session in Copenhagen last October as the Games were awarded to Rio de Janeiro.

New York City's bid to host the 2012 Olympics also ended in failure.

Representatives from Lake Tahoe and Denver were both among the representatives at the US Olympic Assembly in Colorado Springs.

The IOC wants to balance the distribution of funds with international federations and National Olympic Committees, hit hard by the credit crunch, complaining about the bulk of revenue from broadcasting and sponsorship deals going to the USOC.

Based on deals signed years ago, the USOC was getting more from the North American broadcasting rights deal and the IOC top sponsors programme than all the other 200-plus Olympic committees put together.

The two sides issued a statement earlier this month indicating they were inching closer to a deal after agreeing to contribute $18 million (£11 million) towards the costs of staging the Games and had agreed to speed up negotiations but USOC chairman Larry Probst cautioned there was still much work ahead.

"Step one was addressing and resolving the Games cost issue," said Probst (pictured).

"That's behind us, that's done and I think that allows us to have more constructive discussions about the splits on broadcast revenues and the TOP sponsor programme but we haven't really started down that path yet.

"That is to come.

"There aren't any particular stakes in the ground yet."

Probst and Blackmun have worked hard in recent months to try to repair the USOC's image.

"I'm gaining insights and perspectives on how key IOC members view America's place in the Olympic Movement," said Probst.

"I think everybody agrees and understands that, at least in the international relations area, long term relationships is what it is all about and changing the faces every four years is just not a productive way to go.

"Most of the decision makers in the Olympic movement are people who have been involved for 20, 30, 40 years and they have those types of relationships and that kind of trust.

"If we're going to play in that game successfully, I don't think it is the most clever approach to change faces every four years."

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