West Ham’s plan is to retain most of the stadium structure, and have a 60,000 capacity stadium, capable of hosting major events and athletics.
"I've been around the stadium and it is fantastic. It is going to be a superb venue for the Olympic Games and one we can all be proud of," said West Ham captain Scott Parker.
"But it also offers great potential after 2012, not just for West Ham and sport in general, but for the local community. I really hope we get it."
Newham Mayor Sir Robin Wales put his support behind West Ham’s application, which will include an Olympic museum and visitor centre.
"Our plans will deliver upwards of two million visitors each year and provide a significant beacon in the East End that will fulfil the original London 2012 bid commitments," said Wales.
"A busy stadium will enhance the regeneration of the wider area and importantly, there will be no cost to the public purse after the stadium's conversion."
O2 venue owner AEG is one of a number of further bidders expected to tender their interest in the Olympic stadium.
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