"We felt that bringing together in a post-covid environment, the ability to host the finals, not only remotely but physically together, would add value to the overall project and allow us to engage with the host of the finals," IOC sports director Kit McConnell said.

"It started with the idea about hosting the finals physically together on one site and went from there."

The first Olympic Virtual Series (OVS) was held remotely in 2021, but McConnell said that talks are in progress with Singapore as potential hosts in early 2023.

"What we are looking to do is build on OVS 2021 and have more sports and more federations involved on the competition side, but equally building on a physical finals week or weekend to give other federations the opportunity to showcase, not necessarily in a competition environment but to showcase what you are doing in the space in the same location while there is the focus on it," McConnell told ASOIF officials.

McConnell said that he expects a number of Olympic sponsors to show interest.

"You can imagine Samsung, Intel, Alibaba and others wanting to showcase what they are doing in that space."

Plans for the OVS finals event are expected to include educational aspects and exhibitions.