Many British expats will be heading back to the capital and could be staying in central London hotels during the Olympics.
Research by Lloyds TSB International suggests that around 385,000 expats are returning to the country in time for London 2012 this summer.
The largest number of overseas Brits will be coming from Spain, where 275,000 people have got tickets to return this summer.
Richard Musty, director of expatriate banking at Lloyds, said "2012 is a monumental year for the United Kingdom. With the Queen's Diamond Jubilee and now the London Olympics, Britain is at the centre of the world stage.
"Seeing Britain on show throughout the world is a huge source of pride, and it speaks volumes that so many are coming back to see the Olympics."
It was recently estimated that the London 2012 Olympic and Paralympic Games could account for a £16.5 billion boost to Britain's GDP. The data published by the Lloyds Banking Group showed that construction of new buildings and venues as well as the impact on tourism during the Games could play a significant role in economic performance for the country.
"Even if it is still uncertain whether London 2012 can help to kick-start a sustained economic recovery, the benefits to businesses are clear," said John Maltby, group commercial director of Lloyds Banking Group.
He added that the Games had provided a number of opportunities for firms and will continue to do so in the long-run.
The Olympic Games begin with an opening ceremony on July 27th and there are still limited tickets available for some events. People taking advantage of last-minute London hotel deals could therefore be still in with a chance of seeing some of the world's best sportsmen and sportswomen in action.