The showpiece event will take place at the revamped Wembley Stadium.

Wembley, which is also in the running for football's 2006 World Cup, is to undergo a £475m redevelopment starting next summer.

The news that London will host the World Championships was made by International Amateur Athletic Federation president Primo Nebiolo on the last day of competition in Seville.

He announced that Paris will stage the 2003 championships, with subsequent competitions awarded to Tokyo in 2007 and Berlin in 2009.

"The cities have accepted this idea," Nebiolo said.

The next championships, in 2001, were awarded last year to Edmonton, Canada.

Crystal Palace joins Golden League

Nebiolo had further good news for Britain, with the announcement that the IAAF planned to add London to the sport's most lucrative Golden League series of meetings next year.

The series, which pays out a $1m jackpot to athletes who win their events at all the meetings, is currently staged in Oslo, Rome, Paris, Monaco, Zurich, Brussels and Berlin, with a grand prix final at the end of the season.

But Nebiolo said it would be expanded to eight next season plus a grand prix final, with London's Crystal Palace stadium staging the new meeting.

Moorcroft welcomes decision

British athletics chiefs were surprised but delighted to learn that London had been earmarked to host the 2005 championships.

Chief executive of UK Athletics David Moorcroft said: "As far as we are concerned we are still part of a selection process.

"But if we have got the Championships for 2005 then we will be delighted."

Britain had been preparing a bid for the 2003 event - but the extra two years will allow the full completion of the rebuilding of Wembley Stadium.