UPDATE 1-Polo extends deal to dress US Olympic teams

July 2 (Reuters) - Fashion company Polo Ralph Lauren Corp (RL.N) said on Thursday it has agreed to design and create outfits for the American team in the Olympic and Paralympic games in 2010 and 2012, extending a deal it entered into with the U.S. Olympic Committee for the Beijing games last year.

Polo will pay the U.S. Olympic Committee a royalty of about 10 percent from the sale of any items featuring the Olympic seal, the Wall Street Journal said.

Polo did not immediately return a call seeking comment. The company said its entire Olympic collection will be available for sale online and in the company's retail stores, and select department stores. (Reporting by Tenzin Pema in Bangalore; Editing by Greg Mahlich)