Organisers Eventica and SportsLab Marketing said the park will offer an alcohol-free open air space for families to celebrate with the Russian team.
Sergei Kolushev, managing director of SportsLab Marketing, said Russian athletes past and present will be offering summer sport master classes to children. Visitors to the park will be also able to sample Russian culture and food.
"It will be a fantastic sports and cultural fanzone, a little piece of Russia here in the heart of London," said Edward Cowell, executive director of Eventica.
The Sochi 2014 centre, , is now likely to be in Hyde Park.
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