Cycling was one of Britain's most successful sports in Athens
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British cycling is to build a new £22m complex, making it among the first sports to benefit from London's 2012 Olympic bid.
It will be built in east London's Lea Valley regardless of whether the city's Olympic bid succeeds or not.
The site will include an indoor velodrome, an outdoor cycle speedway circuit, a road-racing circuit and a cross-country mountain bike course.
It follows the Aquatics Centre as the city's second new major sport facility.
London 2012 bid leader Lord Coe announced the details of the bid during the International Olympic Committee's evaluation commission visit to inspect the city on Tuesday.
"British cycling has shown itself to be a reliable deliverer of Olympic success," said British Cycling Federation chief executive Peter King.
"But it has also used its existing facilities wisely, and this has assisted in the sport securing this excellent new facility.
"The velodrome is only the second piece of 'pre-build' for 2012 to be announced."
The first was the new aquatic centre, announced last month.
Britain won four cycling medals at the Athens Olympics last year.
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