Professional boxers can compete at the upcoming Olympic Games in Rio de Janeiro, the sport's governing body ruled in a landmark decision on Wednesday.

Meeting at an extraordinary congress in Lausanne, Switzerland, 95% of the AIBA delegates voted in favour of the controversial move.

"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 chief Wu Ching-Kuo said.

The decision is however unlikely to see boxing's biggest names in Rio because it is already too late to take part in a qualifying contest.