The temporary structure on Forman’s Fish Island in east London could feature experiential space in a sofa the height of a four-story building as well as a 30m by 17m TV screen.
It could also offer a living room floor, about 5,500sqm of hospitality space and a cabinet building, which could serve as a 1,500-capacity nightclub.
Whether the living room concept goes ahead will be a decision for the incoming sponsor or tenant.
The London Thames Gateway Development Corporation, which addresses regeneration of the Olympic area, granted planning permission for the concept.
"Our vision is to build something creative and iconic," said Fish Island owner Lance Forman.
"The Olympics is for everyone and it is especially about the regeneration of east London. With four billion viewers and 100,000 media, Fish Island is on the world's stage."
The venue is 100m from the Olympic stadium and can entertain 8,000 people a day with a 2am closing license during the Games.
Forman’s has also announced a partnership with Party for the Podium to offer Christmas parties with Olympic athletes and other sporting-themed events in 2012.
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