World Athletics announced on Wednesday it will become the first international federation to award prize money at an Olympics, beginning at this year's Games in Paris.
Gold medal winners in each of the 48 athletics events in Paris will receive $50,000 (46,000 euros).
The total prize fund of $2.4 million will come from the International Olympic Committee's revenue share allocation that World Athletics receives every four years.
Each individual Olympic champion will receive $50,000 and relay teams will receive the same amount, to be shared among the team members.
Prize money will be paid to the winners of silver and bronze medals from the 2028 Olympics in Los Angeles, the international federation added.
World Athletics President Sebastian Coe said in a statement: "The introduction of prize money for Olympic gold medallists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognising the critical role they play in the success of any Olympic Games.
"We are now in a position to also fund gold medal performances for athletes in Paris, with a commitment to reward all three medallists at the LA28 Olympic Games.
"This is the continuation of a journey we started back in 2015, which sees all the money World Athletics receives from the International Olympic Committee for the Olympic Games go directly back into our sport."
The Paris Olympics take place from July 26 to August 11.