The suspension was handed down by the US Olympic Committee and USA Swimming, USA Today reported citing an unnamed source.
Lochte, 32, lost four of his major sponsors in the wake of the scandal after admitting he “over-exaggerated” his claim about being robbed and held at gunpoint with three other US swimmers.
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Brazilian authorities said the group destroyed a bathroom at a petrol station and urinated in public and have recommended that he be charged with falsely reporting a crime.
USA Today reported that the three other swimmers – Jack Conger, Gunnar Bentz and Jimmy Feigen – have also been suspended, although for shorter lengths of time.
Lochte would be banned from a championship swim meet in Budapest in 2017, the newspaper added.
Last month, ABC television said Lochte would be joining the cast of Dancing With The Stars.
The swimmer, who has 12 Olympic medals, said he felt the scandal surrounding his Rio exploits had been blown “way out of proportion”.
News Source SkyNews