The winner had been scheduled to be selected Friday after the eight bidders spent two days this week in Rio de Janeiro making final presentations.
This will be the first Olympic course in more than 100 years. Golf is returning to the games for the first time since being dropped following the 1904 St. Louis Olympics.
Organizers said in a statement they were “extremely pleased with the high quality” of the proposals, but the winner won’t be made public until the International Olympic Committee visits Rio in March.
The eight finalists are Gary Player Design, Greg Norman Golf Course Design, Hanse Golf Design, Hawtree Ltd., Nicklaus Design, Renaissance Golf, Robert Trent Jones II and Thomson-Perret Golf Course Architects.
Nicklaus is teaming with Hall of Famer Annika Sorenstam on his project, while Norman has a partnership with retired Mexican golfer Lorena Ochoa.
The selection committee is composed of Rio 2016 Olympic committee President Carlos Nuzman, International Golf Federation President Peter Dawson and other local representatives.
The deadline for proposals was extended last year because none of the bidders initially had the proper legal and financial documentation. The winner’s announcement was originally scheduled for December.
Applicants must have prior course design experience, with international companies required to have an established office in Rio. The Rio committee said the course must leave a legacy for the city and be ready to play host to test events by 2015.