Rio stepped in after both Corinthians and Sao Paulo refused to pay for alterations local media have estimated will cost 30 million reais ($10 million).
"In keeping with this compromise, the Rio 2016 committee is going to be responsible for paying for the temporary structures that will be used at the Corinthians area, in Itaquera, and for the operational costs," a statement issued by Sao Paulo said.
The impasse had cast doubt on whether the stadium, which hosted six World Cup games including the prestigious opening match last year, would be used for the Olympic soccer tournament.
The Corinthians arena will host six matches in the men's tournament and four in the women's next year. The other cities to host football games are Belo Horizonte, Brasilia, Salvador, Manaus and Rio de Janeiro.
(Reporting by Andrew Downie; Editing by Peter Rutherford)
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