"FC Barcelona thanks the Brazilian football federation and their president Marco Polo del Nero, who have accepted the proposal made by the club that Neymar only play in the Olympic Games in Brazil in 2016, which take place between 3-21 of August," the club said in a statement yesterday.
"In this way, Neymar is freed from playing in the Copa America which will be played in the United States between 3-26 of June."
FIFA regulations demand that clubs release players for tournaments on the international calendar A-list which includes the Copa America, but not the Olympics which does not figure on the global body's international schedule.
Neymar, 24, will be one of the three players over the age of 23 who are allowed to feature in an Olympic football squad.
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The Olympics are the only international competition Brazil have failed to win and Neymar was part of the side that lost the gold medal match against Mexico in London four years ago.
However, a large part of Barca's dip has been blamed on the fatigue suffered by their star South American front three of Neymar, Luis Suarez and Lionel Messi due to their commitments in six competitions with Barca this season on top of their national teams.
Fitness permitting, Messi and Suarez will represent Argentina and Uruguay respectively at the Copa America.