The International Olympic Committee is expected to finalize the full list of medal events for the 2020 Toyko Olympics by next week.
The events will finalized by the IOC's executive board, while the board will also discuss awarding the 2024 and 2028 Summer Games hosts. Paris and Los Angeles, respectively, are the front-runners for those hosting duties.
More than 60 proposals are expected to be looked at for the 2020 Games, including 3-on-3 basketball.
Softball, Baseball, Karate, Skateboarding, Sport Climbing and Surfing have already been added to the Tokyo Games.
"Now that we have an (executive board) meeting on June 9 it makes sense to use this opportunity," the IOC said on Friday. "In addition, an early decision is clearly beneficial to all the parties involved."
3–on–3 basketball format will be played in a half-court format, and would add almost 100 athletes to the sport's quota for the Games.
"Now there is an urban cluster that has been created," FIBA secretary general Patrick Baumann told The Associated Press. "The best urban team sport is 3-on-3 street basketball. It would certainly be a perfect fit."
Baumann hopes that established basketball players will be able to participate in the tournament.
Currently, professionals from the NBA are allowed to play in the regular 5–on–5 basketball tournament and it is not known if professional will be allowed in the 3-on-3 games.
Baumann says the adjustment from NBA basketball to 3–on–3 would be difficult.
"It's a different skill set. It's really a 10-minute sprint, no coach, so you need to take the right decisions," Baumann said.
3–on–3 basketball is set to gain national exposure this summer when the Big 3 league debuts this summer.