Under the terms of the agreement, Samsung will continue as the Worldwide Olympic Partner in the wireless communications equipment and computing equipment category.

The electronics giant will be able to promote artificial intelligence, virtual reality, augmented reality and 5G features of that equipment.

The IOC state they will work with Samsung to “further develop their strategic digital collaboration to engage young generations around the world”, which they believe will help promote the power of sport.

IOC President Thomas Bach and Samsung vice-chairman Jay Y. Lee made the announcement at a signing ceremony in Seoul.

They were joined by IOC Marketing Commission chair Tsunekazu Takeda, as well as Samsung’s President and chief of the IT and Mobile Communications Division, Dong Jin Koh, and Younghee Lee, chief marketing officer and executive vice president.

“I am delighted that we will be building on two decades of partnership with Samsung for another 10 years," Bach said.

“Over this time, we have built a partnership combining Olympic excellence and Samsung’s industry-leading wireless communications technology.

“Together, we are able to connect with and inspire Olympic athletes and fans around the world, and we look forward to working with Samsung to build the digital future of the Olympic Games.”

The agreement will see Samsung reach a 30-year milestone, with their first Games as part of the IOC’s The Olympic Partner (TOP) programme having come at the Nagano 1988 Winter Olympics.

Samsung’s support of the IOC will now extend beyond the upcoming Tokyo 2020 Olympic Games, through to Los Angeles 2028.

The electronics company will also continue to support the Youth Olympic Games, the IOC, the National Olympic Committees and their teams.

Samsung will continue as a Worldwide Partner of the International Paralympic Committee, extending a relationship that began in 2006.

 This comes as the IOC announced earlier this year that the Paralympic Games marketing programme will fall under the IOC marketing department from 2021, when all The Olympic Partners will also be sponsors of the IPC and the Paralympic Games.

In collaboration with the IOC and the organising committees, Samsung plans to continue its athlete phone programme.

This programme provides limited Olympic edition Galaxy phones to all participating Olympic and Paralympic athletes.

Coca-Cola, Alibaba, Atos, Bridgestone, Dow, GE, Intel, Omega, Panasonic, P&G, Samsung, Toyota and Visa are part of the IOC TOP programme through to Tokyo 2020.

Bridgestone, Intel, Panasonic, Toyota are currently set to remain partners through to 2024, while Alibaba and Samsung have agreements in place until 2028.

Allianz will also have an agreement in place until 2028, with the German-based financial services company set to begin their partnership with the IOC in 2021.

Omega and Visa have agreements through to 2032.

“Samsung is a global success story and a brand recognised around the world," said Takeda.

"Samsung understands and promotes the Olympic values through technology and marketing campaigns that help break down barriers and engage new audiences. 

"From a commercial perspective, our extension with Samsung to 2028 builds on the long-term agreements reached recently with existing and new Partners, and demonstrates the long-term strength and appeal of our marketing programmes.”

South Korean media reports had suggested that Samsung had initially been weighing up whether to renew the partnership with the IOC.

This was reportedly due to Jay Y. Lee, who has been the de facto head of Samsung in recent years due to illness suffered by his father, being jailed for around a year.

He was initially handed a five-year prison sentence in 2017, after being found guilty of giving bribes to solicit support from ousted South Korean President Park Geun-hye and her “advisor” Choi Soon-sil.

He was also convicted of embezzlement, perjury and hiding assets overseas, but launched an appeal.

A South Korean appeals court reduced sentence by half in February, with the remainder suspended which meant he was not required to serve any further jail time.