The station said the mayor's office and LA 2024 officials confirm the news.
The deal will bring the Olympics back to Los Angeles for a third time since 1984 and 1932.
News of the agreement opens the door for Paris to host the 2024 Olympic Games.
L.A. and Paris were the two remaining bidders for the 2024 Summer Games, but International Olympic Committee members had been divided since visiting both locations this year.
An official public announcement from L.A. Mayor Eric Garcetti is expected to be made at a 5 p.m. news conference, city officials said.