The £4.8m project is to be delivered over the next 14 months.
The Olympic Museum was opened on 23 June 1993 on the initiative of Juan Antonio Samaranch. It houses permanent and temporary exhibits relating to sport and the Olympic movement. The museum is the largest Olympic Games archive in the world and Lausanne's prime tourist site, attracting more than 200,000 visitors each year. It has more than 30,000 exhibits, 500,000 photos and 100,000 hours of video.
The project is the largest development for the museum since 1995.
“This is without doubt one of the most important projects we have undertaken in our 25 year history and one of the most important projects to open in Europe next year,” said Paragon Entertainment CEO Mark Pyrah. “We are delighted, proud and honoured to have been awarded this contract."
The Olympic Museum director Francis Gabet said: "We are excited to be working with Paragon on the redesign and build of The Olympic Museum; this is one of the most important times in the Museum's history and we are happy to have the creativity and experience of Paragon on our team."