Dick Pound also broke the news the 2020 Tokyo games, scheduled to run from July 24-Aug. 9, will be pushed back, most likely until 2021, though there are still details that need to be hammered out over the next month.
It comes after the chairman of the British Olympic Association said Great Britain would be unlikely to send a team to Tokyo this summer, Australia and Canada have already said they will not compete in Japan.
"On the basis of the information, the IOC has, the postponement has been decided," Pound told USA today.
Read more: 291 Kyivans Tested For Coronavirus
"It will come in stages," said Pound, 78, the longest-serving IOC member. "We will postpone this and begin to deal with all the ramifications of moving this, which are immense."
Neither the IOC nor the Tokyo 2020 organizing committee had announced a decision to postpone as of Monday afternoon.