Strong winds and heavy rain are expected to either hit Japan's east coast directly or skirt close to making landfall.
It was already known that the final round of women's golf could be shifted from Saturday to Sunday, if conditions are unsuitable for play.
Now it has been confirmed that other alterations to the programme may be in the offing, with Games chiefs bracing themselves for all eventualities.
Masa Takaya, spokesperson for the organising committee, said: "At this point in time we just watch the situation closely."
Addressing media in a news conference, he said: "Of course the organising committee is making preparations for the unexpected, but I don't think it's appropriate for us to tell you all the state of preparation for unexpected situations that the organising comiitee is making, because it will only create speculation among yourselves.
"We are giving you possibly the warnings about the situation."
Takaya added: "According to the current strength of the storm, it is categorised as a tropical storm, not a typhoon.
"We just have to share the information, not overstating the strength of the typhoon too much."
Outdoor events over the closing weekend include the baseball and men's football gold medal games in nearby Yokohama, Saturday's final day of athletics in the Olympic Stadium, and the marathon events in Sapporo.
Monday's rowing events have already been moved to Sunday, to guard against the possibility of the powerful storm hitting Japan's capital.
Masa Takaya, spokesperson for the Tokyo 2020 organising committee, addressed the threat posed by the tropical cyclone after it was confirmed there was "adverse weather" expected on Monday.
He said the issue had been "discussed in crisis management", with the typhoon currently off shore but heading in the general direction of Tokyo, according to some forecasts.
"Unlike an earthquake, we are able to predict the path of a typhoon, therefore we can prepare in advance," Takaya added.
"Especially when it comes to rowing, as a preventative measure we have decided to change the schedule.
"For the athlete we understand it is going to be a substantial burden; however, this is a case that has been experienced in past Olympics Games as well.
"But of course we are looking very closely at the path of the typhoon to ensure there are decisions made as a preventive measure."
Already delayed by a year due to the COVID-19 pandemic, and taking place largely behind closed doors, the Tokyo Games got under way in unprecedented circumstances.
A major storm, particularly one that might cause damage and even a threat to human life, would be another daunting hurdle that organisers would need to be ready for.
Sailing and surfing are among other sports on Monday's schedule.
Takaya added: "Should a typhoon make landfall there could be damages both human and also physical damages. When that should be the case, we would take responsible measures.
"As to what will happen in the days ahead, we are not able to accurately predict. At this point, I will not be able to inform you exactly as to what [action] precisely will be taken."
