A total of eight practices have been shortlisted to battle it out for the scheme: David Chipperfield Architects; sport aficionado David Morley Architects; Dominique Perrault Architecture; FLACQ; FaulknerBrowns with Heatherwick Studio; Foreign Office Architects; Hopkins Architects with Sanda Douma Associates; and finally Stirling Prize-winner Wilkinson Eyre.
The announcement will come as a blow to practices including Reid Architects - which is currently working on designs for a velodrome for Glasgow's 2014 Commonwealth Games - and Sheppard Robson, which had signed up cycling Olympian Chris Boardman to boost its chances.
The final designs will be judged by a panel including Nicholas Serota, Ricky Burdett, Sunand Prasad and 2004 Olympic-gold-medal cyclist Chris Hoy.
London 2012 organising committee chairman Seb Coe said: 'The calibre of our design jury has been matched by an equally impressive shortlist of world-class designers. This is exactly what we want to ensure there is a world-class venue put in place with a lasting legacy.'