Both the men’s and women’s tournaments will feature three groups of four teams. First and second in each group, plus the two best third-placed teams will qualify for the Final Phase knockouts.
The competition in Japan will take place will be held from 24 July to 8 August 2021 at the Saitama Super Arena.
On the men’s side, eight teams booked their Olympic places at the 2019 World Cup. The coronavirus pandemic resulted in several qualifying tournaments being postponed, meaning four berths are still up for grabs.
Reigning Olympic champions USA were drawn in Group A against Asia’s top team Iran, and European champions France. The final team in their group is yet to be confirmed.
Group B’s confirmed teams are Australia and African giants Nigeria.
Elsewhere, 2004 Olympic champions Argentina head up a fascinating Group C alongside hosts Japan, and 2019 World Cup winners Spain.
All twelve women’s qualifiers have already been confirmed.
Group A features Rio 2016 runners up Spain, alongside Serbia, Korea and Canada.
The USA have won the last six women’s Olympic tournaments, and head up Group B. Challenging them will be African champions Nigeria, Japan and France.
Three-time Olympic silver medallists Australia are in Group C with Puerto Rico, Asian champs China and Belgium.
Speaking at the official draw event, FIBA Secretary General, Andreas Zagklis, said: "We are looking forward to enjoying the world's best basketball players performing this coming July in the capital of Japan. FIBA is confident for the smooth delivery of the Olympic Basketball Tournaments based on the close partnership with the IOC and the TOCOG as well as on its own, proven operational capacity during the last seven months."