The French capital and Los Angeles are battling to host the event
It is becoming increasingly tougher for the IOC to find cities willing to host the Olympic Games.
Paris and Los Angeles are the only two cities vying to host the 2024 Summer Games, following on from Tokyo in 2020. Budapest, Rome, Hamburg and Boston previously pulled out after having shown interest in hosting the event.
In an unprecedented move, the IOC were willing to award both cities an Olympic Games in 2024 and 2028, but both have stated they are only interested in hosting the event in seven years time.
"It’s now or never", Tony Estanguet, co-chair of the Paris 2024 bid revealed on Tuesday. "It’s not possible. Either the IOC family wants to choose Paris for ’24 or we will not come back for ’28."
Paris has previously hosted the Games on two occasions, but lost out on hosting the event in 1992, 2008 and 2012. The French capital was the strong favourite to host the 2012 Games, before London was picked.
Despite the French insistence that they can only bid for the 2024 Games, due to lease arrangements, the Los Angeles Mayo confirmed the city are only interested in hosting the same event.
"We are competing for 2024," Eric Garcetti told Inside The Games. "I would love to visit my friends in Paris in 2028. We have never contemplated anything else."
The 2024 host city will be announced at the IOC Congress this September in Peru.