Top athletes including Jessica Ennis will be going through their paces at Loughborough
Loughborough University has been chosen as the training base for the GB team ahead of the London 2012 Olympics.
Two years ago the British Olympic Association (BOA) announced it would use Aldershot Army Barracks, but these fresh plans follow a review.
Now after many months of negotiations the (BOA) has signed a deal to base its preparation camp in Leicestershire.
The new agreement means Team GB's athletes will spend time at the venue in the weeks before the Olympics.
The university will also be hosting the Japanese Olympic team and it is thought a number of smaller countries are also considering using the university's facilities.
The venue said it had worked in partnership with the police, local authorities and transport companies to persuade the BOA that Loughborough was the ideal location.
Prof Shirley Pearce, Vice Chancellor of Loughborough University, said: "We are delighted that Loughborough has been selected as the headquarters of Team GB's preparation camp.
"The University has been the base for the preparation of around 170 British Olympians over the past 30 years, and many of the country's 2012 contenders are already using our state-of-the-art facilities."
BOA chief executive Andy Hunt added: "Our number one priority is to ensure that Team GB athletes have the best possible preparation environment immediately before the Games in 2012."
He added: "We're confident Loughborough's excellence in the field of sport will be of huge benefit to Team GB's aspiration of securing fourth place in the London 2012 medal table."
Councillor David Parsons CBE, leader of Leicestershire County Council, said: "It is recognition of Loughborough's world class facilities and its place as the country's leading university for sport."
He added: "Hosting 500-plus athletes will be a major task and the county council will do everything it can to support the university in giving Britain's competitors the very best chance of Olympic success."