The Hammers, in a joint bid with Newham Council, want to create a 60,000-capacity arena for football, athletics, concerts and community use.
West Ham will be loaned £40m by Newham Council to help with their redevelopment plans if they are chosen as preferred tenants of the Olympic stadium.
Tottenham, in a joint bid with sports and entertainment company AEG, would create an athletics legacy by contributing to the refurbishment of the National Sports Centre at Crystal Palace.
The north London club have been given planning permission to redevelop White Hart Lane but chairman
Daniel Levy has voiced concerns about the
"viability and deliverability" of the proposed update of the ground in Tottenham.
In an interview with BBC Sports Editor David Bond, Levy insisted that Tottenham would "give a very good pay-back" to the Treasury should they be chosen to move into the Olympic site.
"I would not say we are getting it on the cheap," he said. "Would you rather have a white elephant? What we are providing is something that's going to be vibrant."
Levy said that Tottenham's plans to create a dedicated athletics facility would involve a 25,000-seat facility that could be expanded to 40,000.
Tottenham bid offers great legacy - Levy
He added: "[The Olympic stadium] was always meant to be a temporary stadium.
"What we have proposed is something we believe is considerably better for athletics.
"The legacy of the Olympics is far greater than one particular sport. Crystal Palace was the home of athletics and we are going to re-establish it.
"We would not be at the final stage of the bid process if Crystal Palace was not an acceptable legacy to the OPLC."
Levy added that he did not believe that athletics and football could go together, which was why Tottenham were not looking to include a running track in their plans for the Olympic stadium.
"Soccer is about the passion that you feel when you are close to the pitch," he said.
"There are no clubs in Europe that you can cite as an example where attendances have held up as a result of soccer and athletics coming together."
Any OPLC recommendation will have to be ratified by the Department for Culture, Media and Sport, and the Department of Communities and Local Government, and the London Mayor's office.
The ultimate deadline for the OLPC is the end of the financial year, although currently there is no suggestion it will take that long to make its decision.
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