Mark Adams, the IOC's director of communications, said the body planned to tweak existing rules next year which would "allow generic non-Olympic advertising during the period of the Games, which hasn't been allowed until now."
The change would need to be approved at a meeting of the full IOC in Kuala Lumpur next July, a month before the Rio Games.
The IOC's executive board, meeting in Rio de Janeiro on Thursday, agreed to amend the existing Rule 40, which was targeted by disgruntled athletes in London three years ago.
Anyone in violation risked disciplinary action including stripping of medals or expulsion from the Games.
However the regulation was protested by athletes who complained that it deprived them of earnings, with several Olympians mounting a campaign under the Twitter hashtag #WeDemandChange2012.
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