The head of UK Sport has called on the Government to redistribute Lottery cash to enable the London to host the Olympics.
Culture secretary Tessa Jowell has already warned staging the 2012 Games would cost the public up to £2.5bn to host.
But UK Sport chairman Sir Rodney Walker believes diverting National Lottery money into a special Olympic fund could raise up to £1bn over the next 10 years.
"All sports councils are concerned about the underwriting costs that would be required should a bid for the 2012 Olympic Games succeed," said Walker.
"We are unanimous in our views that any funding required should not divert investment away from our core work of supporting participation initiatives and our elite athletes.
"However, by diverting a small proportion of the total amount of Lottery funding made available for all good causes, over 10 years the Government could create a new pool of funding - an extra £1bn.
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A London Olympic Games in 2012 would benefit the whole of the UK
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"This could be used to help stage the Olympic Games, thereby solving many of the current concerns over where the money will come from."
UK Sport is responsible for co-organising major events in the UK.
And Walker wants the Olympic fund to be set up to meet up to half the cost of the Games, should London's bid be successful.
He believes channeling 8.25% of Lottery money available into a fund, combined with European and Regeneration funding, would be sufficient.
And he remains confident the re-allocation of cash would be worth the effort.
"A London Olympic Games in 2012 would benefit the whole of the UK and stimulate a period of unparalleled development in British sport," he added.
"The Olympics would be a hugely popular and high profile beneficiary of the Lottery that, we believe, would regenerate public interest and provide a much-needed boost to falling ticket sales."
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