Terms of the deal, reported by SportsBusiness Global which cites multiple sources familiar with the parties' plans, are not yet known.

It is claimed, however, to amount to a nine-figure sum suggesting Intel could join the IOC's TOP (The Olympic Partner) Programme, for which membership costs are approximately $200 million (£156 million/€179 million) for a four-year cycle.

Yesterday, it was announced that fast-food giant McDonald's had ended their worldwide partnership with the IOC with immediate effect.

Intel unveiled a new sports strategy in January 2016, aiming to use sport to market the user experience powered by the technology company rather than the microprocessors it sells.

A source told SportsBusiness Global that the question over Intel's exact category definition has been at the forefront of negotiations for nearly a year with drones and virtual reality both possible components of a deal.

The IOC already has numerous other technology partners, including Samsung, Panasonic and Alibaba.

Intel chief executive Brian Krzanich has been described by a source as a personal driver of the deal and has supposedly insisted that it begins at the start of next year, prior to the 2018 Winter Olympic Games in Pyeongchang from February 9 to 25.

Krzanich is said to see the Games as an "inflection point for technology and sports" due to the intentions of telecom company KT Corporation, an official Pyeongchang 2018 partner, to showcase 5G technology in the South Korean county.

Intel has announced a press conference in New York City for Wednesday (June 21), but the topic of this was not disclosed.

The Olympic Rings were included in its note.

In April, the International Cricket Council signed up Intel as its "innovation partner" for the Champions Trophy, which is due to reach its conclusion tomorrow with the final between India and Pakistan at The Oval in London. 

Cricket's world governing body vowed to "collaborate with Intel to transform the cricket experience for fans, and help coaches and players improve performance".

News regarding the end of McDonald's partnership with the IOC took the number of TOP sponsors to 12.

These are Alibaba, Dow, Panasonic, P&G, Coca Cola, Samsung, Atos, General Electric, Visa, Omega, Toyota and Bridgestone.

McDonald's had extended its sponsorship with the IOC in 2012 for a further eight years in a deal worth $100 million (£78 million/€89 million).

Although this will not be seen through, they will continue to sponsor Pyeongchang 2018 with domestic marketing rights in South Korea only.

The company will also deliver its Games-time operations, including restaurants at the Olympic Park and the Athletes' Village.

The IOC claims it has no immediate plans to appoint a direct replacement in the retail food operations sponsorship category.

Instead, the organisation said it "will review the category in the broader context of existing Olympic marketing programmes".