The organisers of Moscow's failed bid to host the 2012 Olympics said they would try to win the Games again.
Moscow mayor Yuri Luzhkov, who headed the city's campaign said: "We will bid for the right to become the host city for the 2016 Olympic Games.
"We've gained considerable experience. We promised to develop our sports and city infrastructure whatever the outcome, and we will respect this."
Moscow's bid was eliminated in the first round of voting in Singapore.
Thousands of people had gathered in Red Square to hear the verdict but the news that Moscow had not been successful was not relayed to the crowds until some time after it had been announced in Singapore.
Luzhkov added: "We are not disappointed. Instead, we have realised that Moscow is a truly modern and developing city, able to compete with the world's biggest capitals, and organise major international events of the highest standard.
"We want to offer our warm and sincere congratulations to London and we are confident that they will stage memorable Games of the 30th Olympiad.
"The campaign for the 2012 Olympic Games brought together powerful competitors and we are honoured to have been part of this race."