Caitlyn Jenner will be allowed to keep her gold medal, despite transitioning.
The International Olympic Committee has told The Independent that the fact Jenner competed as a man will have no bearing on her Olympian status.
The IOC confirmed that it had "no issue" with Jenner's gender after she announced her new identity.
Mark Adams, IOC Communications Director, told The Independent: "Bruce Jenner won his gold medal at the 1976 Olympic Games and there is no issue for the IOC."
Jenner competed in the decathlon at the 1976 Olympic Games and won gold, breaking a world record in the process.
Over 10,000 people had signed the petition calling for the IOC to revoke Jenner's medal.
It argued that the victory flouted the competition's gender rules and should be voided.
The petition's mission statement read: "It has recently come to light that gold medalist Bruce Jenner is in fact transgender, and therefore, identifies as a woman. We congratulate Ms Jenner on these new developments and wish her the best.
"However, this creates somewhat of a problem as Ms Jenner (as talented as she is) claims that she has always believed herself to be truly female, and therefore, was in violation of committee rules regarding women competing in men's sports and vice versa.
"It is only fair to all involved that women receive their credit as champions of the Decathalon and that the men racing Ms. Jenner are not expected to compete with a superior, streamlined being such as herself.
"We urge Ms Jenner to support the transgender community by giving up the medals earned by competing against the wrong gender."
Bernard Reed OBE, a trustee of the Gender Identity, Research and Education Society, told The Independent the petition was "total nonsense".
It was decried on social media as "transphobic" and "ridiculous".
Jenner's golfing handicap has been voided since she announced her new identity. Women are marked differently than men in the sport.Reuse content