The agency won the account, which has been termed a "legacy brief", following a pitch against undisclosed agencies.
The process was handled by Charles Allen, the chairman of the Nations and Regions Group, a collection of representatives from UK business and sporting networks that was set up to guarantee the benefits of the Olympics.
Saatchi & Saatchi will now devise a strategy that will communicate the positive long-term effects of the Games in a bid to ensure that the British public does not perceive the event to be an expensive one-off spectacle.
The campaign will also seek to galvanise London communities affected by the Games along with the general British public by creating a social legacy for the event.
The benefits of sporting activities and a healthy lifestyle will feature in the campaign.
The NRG is part of the London Organising Committee of the Olympic Games and Paralympic Games, which is separately running a pitch for the 2012 advertising account.
The winner of that pitch will take on the above- and below-the-line communications for the Games in the run-up to 2012, working on LOCOG's key initiatives and events, as well as ticket marketing.
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