The 32-year-old triple Olympic ski champion won gold in the downhill in Sochi in 2014 and followed that with further Super-G golds in Pyeongchang in 2018 and Beijing earlier this year.
The Committee also stripped Russian President Vladimir Putin of the Olympic Order award in response to the invasion of Ukraine.
Khan, who won silver as a lightweight at the Athens Olympics in 2004 and is a former unified light-welterweight champion, says he is hoping to spend more time with his family.
The 18-year-old American-born freestyle skier who represents China has become the first action-sports athlete to earn three medals at the same Winter Olympics.
US Secretary of State Antony Blinken has brushed aside suggestions that Moscow would wait until after the Beijing Games, as commercial satellite images show fresh Russian military deployments.
Kamila Valieva, a 15-year-old figure skating star, tests positive for a banned heart medication before the Beijing Olympics Games, according to Russian media.
Russian President Putin rejected the state-backed doping programme accusations, saying Russia remains committed to traditional Olympic values.
The Olympics, overshadowed by diplomatic boycotts and concerns about Covid-19, will officially begin on Friday.
The Olympics in Beijing were already under fire for the country's policies regarding its Uighur minority, but now its internal Olympics protocol is also under the spotlight.
US diplomats will boycott the upcoming Beijing Winter Olympics in China. Here is a short history of when the Olympics fell victim to politics and why.
The Winter Olympics flame began its journey from Athens, arriving in Beijing in a red lantern signifying the likeness of a Han Dynasty tomb artefact at a closely-guarded welcome ceremony.
Suat Ari is a physical education teacher in a Turkish village who has inspired scores of students to compete in national games, and was selected as a Changemaker by the Sabanci Foundation this year.
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