The 22-year-old American featherweight had planned to win gold in the Japanese capital before leaving the amateur fight game.

However, with COVID-19 meaning the Olympics will now take place in 2021, he has chosen not to wait to sign his professional forms.

Ragan has penned a multi-year deal with Top Rank and will debut as a professional boxer on August 22 in Las Vegas. 

"This opportunity means the world to me," he said. 

"Since I didn't go to the Olympics, becoming a world champion is my next goal. 

"My jab, counter-punching ability and stamina are more suited to the pro game. 

"When I fought with headgear, I was hurting guys but not knocking them out. 

"You'll see more knock-outs from me as a pro." 

Ragan won silver in the bantamweight division at the 2017 World Championships in Hamburg, after losing to Kairat Yeraliyev of Kazakhstan in the final.

He also won bantamweight silver at last year's Lima 2019 Pan American Games, going down to Cuba's Osvel Caballero in the final.