This came after 84 of AIBA's 88 member associations voted in favor of the proposed change at a special meeting at the organization's headquarters in Lausanne, Switzerland.
"This is a momentous occasion for AIBA, for Olympic boxing and for our sport as a whole, and represents another great leap forward in the evolution of boxing" AIBA President Wu Ching-Kuo said.d.
Qualifying tournament in Venezuela
However, the professional boxers will only be eligible to take part in the Games if they earn one of 26 entry places at a qualifying tournament in Venezuela next month. Wu conceded that due to the short timeframe, and the fact that they wouldn't get paid it wasn't clear how many professionals would attempt to qualify.
"At the moment it is difficult to anticipate (how many), but there will be some who want to get qualification," he said.
Of the bigger names, former heavyweight champion Wladimir Klitschko of Ukraine and Philippine legend Manny Pacquiao, have in the past expressed an interest in competing at the Olympics. However, Klitschko's current focus is on preparing for his return bout against current world title holder Tyson Fury of Britain on July 9. Pacquiao said earlier this week that he now wants to concentrate on his career as a politician.
The Rio Games run from August 6 - 21.
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