TV, press and outdoor ads will feature five-time gold medallist Sir Steve Redgrave and Paralympic veteran Dame Tanni Grey-Thompson, as well as current stars including heptathlete Jessica Ennis.
The ads, by Saatchi & Saatchi, will launch later this month. They show the athletes using Visa cards in everyday settings.
An online competition will give consumers the chance to meet and train with athletes in the run-up to the Games. Similar competitions in Visa's 34 other European markets will offer tickets for spectators to travel to London for the event.
Visa, which has been an Olympic partner for the past 21 years, is the 'presenting partner' of Team 2012, a group of 1200 British athletes hoping to take part in the Games.
Visa was unavailable to comment on the campaign.
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