Track and field will be the first sport to introduce prize money at the Olympics, with World Athletics saying it will pay $50,000 to gold medallists in Paris.
The governing body of athletics said it was setting aside $US2.4 million ($3.6 million) to pay the gold medallists across the 48 events on the track and field program for this year's Paris Olympics. Relay teams will split the $US50,000 between their members.
Payments for silver and bronze medallists are planned to start from the 2028 Olympics in Los Angeles.
World Athletics President Sebastian Coe said it was impossible to put a marketable value on winning an Olympic medal but this was a first step.
"I think it is important we start somewhere and make sure some of the revenues generated by our athletes at the Olympic Games are directly returned to those who make the Games the global spectacle that it is," Mr Coe said.
The prize money will come from the share of Olympic revenue the IOC distributes to World Athletics and other governing bodies of individual sports.
Athletes will have to pass "the usual anti-doping procedures" at the event before they receive the money, World Athletics added.
The modern Olympics originated as an amateur sports event and the International Olympic Committee does not award prize money. However, many medallists receive payments from their countries' governments, national sports bodies or from sponsors.
The Australian Olympic Committee has a medal incentive scheme, which sees athletes paid $20,000 for gold, $15,000 for silver and $10,000 for a bronze medal.
However, Australian athletes only get one payment for their best result, and it's conditional on them continuing to train for the next Olympics.
The United States Olympic and Paralympic Committee awarded $US37,500 to gold medallists at the last Summer Games in Tokyo in 2021. Singapore's National Olympic Council promises $S1 million ($1.1 million) for Olympic gold, a feat only achieved once so far by a Singaporean competitor.
The move by World Athletics could be seen as an indicator of Mr Coe's intentions for the Olympics as a whole if he makes a run for the IOC presidency.
Last year, he said he hadn't "ruled it in, and certainly haven't ruled it out" when asked whether he would consider running for the IOC's top post when Thomas Bach's term ends in 2025.
The IOC typically disapproves of any public campaigning for the presidency.
AP/ABC
