LONDON (AP)

The International Olympic Committee could terminate its revenue-sharing deal with the United States (US) Olympic body unless the Americans agree to a revised formula and smaller share of the money pie, according to a top official involved in the negotiations.

IOC executive board member Denis Oswald has said the US Olympic Committee must make concessions at a key meeting in Denver next week or face possible cancellation of the long-standing revenue contract that has riled many international sports officials.

"If there is no agreement, then we would possibly terminate the contract and completely renegotiate another one," said Oswald, who heads the Association of Summer Olympic International Federations.

The revenue issue has strained relations between the USOC and the international Olympic movement for years and now threatens to hinder Chicago's bid for the 2016 Summer Games in the final months of the campaign.

Under the open-ended contract, the USOC receives nearly 13 per cent of Olympic television rights fees and 20 per cent of global marketing revenues.

US companies pay well more than that percentage into the IOC's overall budget.