There are plans to build a museum on the Olympic Park site in London once the Games have finished.
The Queen Elizabeth Olympic Park will be close to the ArcelorMittal Orbit tower and will open in 2014 to celebrate the hosting of the sporting event.
According to the British Olympic Association (BOA), the museum will house a number of exhibits with the aim of showing how the Olympic venues were built and recount the stories behind the London 2012 Games.
BOA's chairman Colin Moynihan said: "The museum will also provide an important opportunity to honour and celebrate the most outstanding British Olympic athletes and create a platform for their stories to inspire generation upon generation of future sport participants with their achievements."
It is expected that the museum will cost around £10 million to build but will provide a key a tourist attraction for those visiting the city and staying in central London hotels over the coming years.
The plans have already had the backing of International Olympic Committee president Jacques Rogge who believes the attraction will provide long-term benefits.
"The new British Olympic Museum is the place where these stories of human triumph and sacrifice will come to life and it will become part of the lasting legacy that London 2012 will leave the UK for generations to come," said the president.
Meanwhile, fans are being given the change to own an authentic London 2012 relay torch via a special online auction. Organisers of the Games will sell a number of limited edition versions of the torch via the London 2012 website, with proceeds going towards the cost of staging the Olympics and the UK torch relay.