Seven will broadcast the Summer Olympics in Rio de Janeiro in 2016 and Tokyo in 2020 plus the 2018 Winter Games in Pyeongchang, South Korea, News Corp reports.
Nine and TEN are reported to have withdrawn from bidding, allowing Seven to secure the Games for less than $200 million -lower than the anticipated $250m.
Networks have previously spoken about their interest in local and annual sports rather than pricey events. Timezones for Rio were also cited as a consideration, although Tokyo will be more in sync with Australian times.
Seven Chairman Kerry Stokes, recently spotted watching the tennis at Wimbledon, is understood to have participated in the deal.
Seven last broadcast the Games in Beijing in 2008, with Nine / Foxtel securing London Olympics and TEN screening the Sochi Winter Games.
The Rio Olympics are locked in for August 5 to 21, 2016.