A £10m British Olympic Museum will open in the Olympic Park in east London in 2014.
The museum, which will charge a "modest" entry fee, will celebrate the 2012 Games as well as housing memorabilia from the 1908 and 1948 Olympics.
Andy Hunt, the chief executive of the British Olympic Association, said it would "honour London's unique place in Olympic history, as the only city to have hosted the Games three times".
Interactive exhibits will allow visitors to race against Usain Bolt and cycle sprint down The Mall against the British cyclist Mark Cavendish.
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