The announcement came in advance of an interview of Armstrong by Oprah Winfrey to be televised Thursday night in which he reportedly confessed to using performance-enhancing drugs, CNN reported.
An IOC spokesman said Armstrong has been ordered to return the bronze medal he won at the Olympic Games.
Armstrong was stripped of his seven Tour de France titles in October by the International Cycling Union.
Dallas attorney Jeffrey Tillotson said Wednesday he may sue Armstrong as early as Friday to recover $12.5 million in bonuses an insurance company he represented was forced to pay the cyclist after he won the Tour de France in 2002, 2003 and 2004, The Dallas Morning News reported Thursday.
Sports-insurance company SCA had insured the bonuses on behalf of Tailwind Sports, which owned the team for which Armstrong raced.
Under questioning by Tillotson in 2005, Armstrong repeatedly denied his wins were a result of doping.
Armstrong says he doesn't have to repay the money because of contract language that says "no party can challenge, appeal or attempt to set aside the arbitration award."