Transport bosses today offered to share any additional revenue during the Olympics with bus staff in a move to avert threatened strikes.
Members of the Unite union are planning to walk out tomorrow and again on July 24, a few days before the opening ceremony, over a claim for a £500 bonus.
Talks to try to resolve the row are being held at the conciliation service Acas.
Transport for London's managing director surface transport, Leon Daniels, said: "TfL does not directly employ London bus workers and this is therefore an issue for the bus operating companies and Unite to resolve through negotiation.
"However, in order to address the perception that TfL will be generating significant additional bus fare revenue from the Games, we have offered to share any additional revenue with bus staff.
"The offer of additional funds from the bus operating companies and a share of any additional bus fare revenue generated during the Games means there is no justification for further strike action.
"Should Unite insist that the total sum available is offered to all employees at bus operators across London, then this would mean a payment of £583 for every employee of every bus company.
"Unite should call of their strike action planned for tomorrow and put this very fair offer to their members."