The suspension was handed down by the U.S. Olympic Committee and USA Swimming, USA Today reported, citing an unnamed source. Celebrity gossip website TMZ, citing unnamed sources, also reported the suspension. No further details were available.
Reuters could not independently confirm the reports. Neither the U.S. Olympic Committee nor USA Swimming immediately responded to requests for comment.
Lochte, 32, was dropped by four of his major sponsors after admitting he "overexaggerated" a tale about being robbed and held at gunpoint with the three other swimmers after a party during the Rio Olympics.
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Brazilian authorities said the group destroyed a bathroom and urinated in public, and have recommended that Lochte be charged with falsely reporting a crime.
USA Today also reported that the three other swimmers were suspended, although for shorter lengths of time, and that Lochte would be banned from a championship swim meet in Budapest in 2017.
Lochte: If I hadn't been drunk and immature, none of this would have happened
Late last month, ABC television said Lochte was joining the cast of "Dancing With the Stars," a competition in which celebrities are paired with professional ballroom dancers.
That announcement came as the gold medalist said he thought reaction to his Rio de Janeiro tale had been blown out of proportion.
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Lochte to be called to testify in Brazil - reports