The IOC hopes to raise about $1 billion (£627 million) from its top sponsors from 2009-2012.

The extension means Omega, whose original deal ran until the London 2012 Games, will have been the official timekeeper at 29 Olympics, starting with the 1932 Olympics in Los Angeles.

There were no financial figures released but Nicolas Hayek, the chairman of the Swatch Group, said that his company's investment was substantial.

He said: "If you take 10 years you can be sure that we're investing more than 1 billion (Swiss francs) (£61 million)."

Jacques Rogge, the President of the IOC, said: "Omega's devotion to the development of sports timekeeping, its commitment to athletes and its dedication to the Olympic Movement are a source of enormous confidence for the IOC and the organisers of the Olympic Games."

Olympic top sponsors confirmed for the Vancouver 2010 Winter Olympics and the London Games are Acer, GE, McDonald's, Omega and Visa.

Atos Origin, Panasonic and Samsung have extended their partnerships until 2016 while Coca-Cola have already signed on until 2020.