Coca-Cola's previous deal ran to 2020 and the new agreement makes it the longest Olympic sponsor, having first supported the Games in 1928.

Mengniu is China's top milk products manufacturer.

There were no financial details available for the deal, which will span six Olympic Games. Coca-Cola CEO James Quincey refused to comment on the size of the deal.

"It is a substantial arrangement. It is a profound partnership," he said.

"With Mengniu, we saw an opportunity to expand the dairy aspect of the beverage category.

"We will be activating our own individual marketing plans, but we are pleased to be a joint partner with a well-respected dairy company that is well known to us in China."

The announcement is a major boost for the IOC, strengthening its financial future as interest in the world's biggest multi-sports event has waned in the last few years.

"This historic joint partnership deal, together with our global expansion plans, will help Mengniu promote our long-held values around quality and safety," said Jeffrey Lu, Mengniu chief executive.

(Editing by Peter Rutherford)

By Karolos Grohmann