Image 1 of 3 Taylor Phinney (BMC) celebrates his victory in Tour of Poland (Image credit: Fotoreporter Sirotti) Image 2 of 3 Taylor Phinney (BMC) (Image credit: Sirotti) Image 3 of 3 Taylor Phinney (BMC) was a stage winner and maglia rosa wearer at last year's Giro (Image credit: Sirotti)

Taylor Phinney has extended his contract with BMC Racing Team through 2016, the team announced Thursday. The 23-year-old has his eye on both the road and time trial races at the 2016 Rio Olympics.

This season Phinney won a stage at the Tour of Poland and was third overall and best young rider at the Tour of Qatar. In 2013 he finished second in the World time trial championships and won time trials at the USA Pro Challenge and the Giro d'Italia, giving himself the leader's jersey for three stages.

"It is always exciting when a young athlete puts their faith in you as Taylor has done with the BMC Racing Team," said team manager Jim Ochowicz. "He continues to develop his skills and gain valuable experience with each season. His future looks bright and his goals run parallel with ours."

Phinney has been with the US-based team since 2011, and "From the riders, to the staff to the management, it's a team that is really growing into a great home for me," he said. "I have a lot of respect for a guy like (BMC Racing Team sponsor) Andy Rihs, who is keeping our team afloat and making sure we are all well taken care of."

The next Olympics are important to him, and he points to his fourth-place finishes in both the road race and the time trial at the London Olympics last year. "I thought that was quite important," he said."The Olympics are a big focus of mine after what I did there last year."