The scheme will be at the heart of wider £288 million proposals to create a 'world-class' event venue - including an athletes' village designed by RMJM - and will help revamp neglected brownfield sites along the River Clyde.
The project has been kept under wraps for months to stop representatives from the Nigerian capital Abuja - the other city in the running to host the 2014 Games - stealing a sneak preview.
A spokesman for the design team said: 'The decision to build the velodrome in Glasgow as part of the NISA project will provide a fitting national legacy.
'The velodrome will be suitable for both training and world events in a country which has an outstanding record in international track cycling including its six cycling medals in the 2006 Commonwealth Games.'
Surprisingly, the team behind the Glasgow project failed to be shortlisted for the London 2012 velodrome competition.
It is hoped the project will complete in 2010.