The two cities are the only remaining candidates for the 2024 Summer Games after other cities withdrew their bids due to the massive cost of organizing the event.
The two cities will now be given the choice of hosting either the 2024 or 2028 Games.
"We've built the foundation on which we're very confident that we can then build the win-win-win situation," said IOC President Thomas Bach.
If Los Angeles, Paris and the IOC fail to reach an agreement, the September session will only select the host city for the 2024 Games.
Citizens in both cities welcomed the decision.
"I think it's gonna bring opportunities here and it's gonna be great chance for who born and lives in Los Angeles to be able to go see some Olympic events," said one Los Angeles resident.
"I'm so glad because I think sports can unite people and that is the most necessary thing now in France," said a resident of Paris.
NHK World's Miki Yamamoto spoke with sports correspondent Chiaki Ishikawa about the story.
Yamamoto: So Chiaki, can you tell us the backstory of how this happened?
Ishikawa: Well Miki, you mentioned cost. Hosting the Olympics comes with a gigantic price tag. And it is with that realization that cities have dropped out. For 2024, Rome, Hamburg and Budapest all decided hosting the Games was too pricey.
This trend comes in stark contrast to the way things used to be. Back in 1984, the Los Angeles Games were seen as a big financial success because of the money they made selling their TV broadcasting rights. And keep in mind that was even though the Games were boycotted by the Soviets and their allies, meaning the loss of potentially millions of viewers.
But that was then. Nowadays, the Olympics are more associated with red ink than black. That is because of the costs for planning, building infrastructure and security. So, reducing costs is the new challenge for the IOC.
And as for the Tokyo Games that are 3 years away, the organizers are facing loads of criticism from inside and outside of the country about a skyrocketing price tag.
Yamamoto: I hear the IOC is also looking at making changes for the Winter Olympics.
Ishikawa: That's right. The IOC is having a hard time finding candidates to host the winter games. For 2022, Oslo, Stockholm, Lviv in Ukraine, and Krakau Poland all withdrew their bids because of financial issues and a lack of public interest.
In the end, the games were awarded to Beijing over Almaty in Kazakhstan. Looking ahead to 2026, the IOC intends to have a slightly different process for choosing a host.
"So all of the things they do now but in a simplified way and over a lesser period to reduce the costs," said IOC Vice President John Coates.
Japan's northern city of Sapporo is one of the places showing interest in hosting those games. The IOC will start to accept bids for 2026 in September.