A road race expected to become a regular feature in the British sporting calendar has been launched in aid of the Diana, Princess of Wales Memorial Fund.

It is hoped that about 20,000 runners will join the race, scheduled for 30 July, raising millions of pounds for the charity.

Organisers want the 10km run through London, from the late princess's home at Kensington Palace to St Paul's Cathedral, to become an annual event drawing support similar to the London Marathon.

Runner Liz McColgan, Portuguese Olympic champion Rosa Mota, actor Nigel Havers and anti-landmine campaigner Chris Moon will all be taking part in the event, which will also see money raised for the British Red Cross.

Mr Moon, who received a bravery award from the Princess after losing half his right arm and part of his right leg as he was clearing landmines, said it was hoped the race would raise at least £2m.

Independent MP Martin Bell, a patron of the race, told the launch at the Houses of Parliament that it was hoped that it would become an regular fixture in the international sporting calendar.

A Memorial Fund spokeswoman said: "The fund is delighted to be beneficiaries of this new event, which will enable thousands of people to raise money for vulnerable and disadvantaged people and enable the princess's work to continue."

The race, which also features events for young people and the disabled, takes in some of London's most famous landmarks.

Event founder Michael O'Reilly said: "The idea was to involve people and the buildings that were relevant to Diana's life.

"The essence of this project is to provide a fun day for everyone and to pay tribute to the humanitarian work of Diana, Princess of Wales, and raise funds that will help the princess's work to continue."

The race, which will cost £29.50 to enter, has already won backing from the International Amateur Athletics Federation and Prime Minister Tony Blair.

There will be no prize money on offer, but jeweller Asprey and Garrard has designed awards for the winners.