Probst, who recinded his role of CEO at EA after 23 years when John Riccitiello took over the role last year, becomes chairman of the organisation.
The 10-member Olympic Board chose Probst in a unanimous vote, who joined the USOC’s board of directors last month, to lead the organisation for the next four years.
According to The New York Times, some of his main tasks will include garnering much-needed financial support in an unstable economy and helping secure Chicago’s bid to host the 2016 Summer Games.
When Probst, 58, was in charge at EA, the company’s annual revenue grew from $175 million in 1992 to about $3 billion in 2006.
Probst replaces Peter Ueberroth at the USOC, a former commissioner of Major League Baseball. He will take the role later this month.
It is likely that video games companies will have more of a chance than ever to sponsor the US's Olympic push.
In a conference call, Ueberroth said:
“He brings to us a number of skills,” Ueberroth said in a conference call. “We need to shore up and expand our partnerships with major companies in the United States, and Larry walks those halls well, or better than I do.”