Ryan Lochte has reportedly signed on for Season 23 of Dancing with the Stars.

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According to multiple sources, the Olympic gold-medal winning swimmer has joined the cast of Dancing with the Stars to rehab his reputation following the Rio de Janeiro scandal in which he was caught lying about being robbed at gunpoint, Us Weekly reported.

"Doing DWTS will be great for Ryan's image!" an insider told Us of the 32-year-old. "He will be able to show America that he's a good guy who made a mistake. He's still an Olympic champion! He will be great on the show."

As previously reported, Lochte and fellow U.S. swimmers Jimmy Feigen, Jack Conger and Gunnar Bentz told authorities and the press their taxi was pulled over by thieves with fake police badges and they were robbed at gunpoint after they left a late-night party in Rio. Lochte said a gun was put directly to his forehead, but following a police investigation, no evidence that the incident actually happened was discovered.

In light of the missing proof, Lochte had a chance to come clean in a recent interview with Matt Lauer, but he chose to stick to his compelling story instead.

Law enforcement eventually reviewed surveillance footage at a gas station and found that the swimmers' taxi had stopped at the station and athletes had actually vandalized a station bathroom. Afterward, a security guard had drawn his gun when the swimmers attempted to leave without making any payment for the damages.

Lochte confessed earlier this week he had "overexaggerated" the story and repeatedly apologized.

"If I had never done that, we wouldn't be in this mess," Lochte admitted, adding that he was "intoxicated" at the time, although he said he was not trying to make that his excuse.

The "mess" Lochte is referring to is public outrage and disappointment in the Olympic swimmers. Lochte also lost all his endorsement deals, including Ralph Lauren and Speedo. Forbes reportedly estimates Lochte's mistake in Rio could cost him up to $10 million.

The CEO of the U.S. Olympics Committee, Scott Blackmun, told the Associated Press more disciplinary action could be taken against Lochte, Feigen, Conger and Bentz.

Eight of the 13 professional dancers who will be starring on the next season of Dancing with the Stars have already been revealed.

In addition to Lochte, The Bachelorette star JoJo Fletcher and Disney star Jake T. Austin are also likely to be part of the season's celebrity cast, according to previous reports.

The 13 celebrity contestants and remaining five pros will officially be announced August 30 on Good Morning America.
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Dancing with the Stars is set to return Monday, September 12 at 8PM ET/PT on ABC.
About The Author: Elizabeth Kwiatkowski
Elizabeth Kwiatkowski is Associate Editor of Reality TV World and has been covering the reality TV genre for more than a decade.