As part of the deal, John Lewis stores will become key retail outlets for official London 2012 merchandise.
John Lewis staff will also be offered the opportunity to work at the London 2012 Organising Committee (LOCOG) in the build up to the Games.
The store will also provide warehouse space to LOCOG.
John Lewis is the 26th domestic sponsor to sign up to London 2012.
LOCOG Chair Sebastian Coe said: 'We are thrilled that John Lewis has chosen to join us on the journey to 2012. They are a great British brand with a reputation for first class customer care and excellence.
'They supported us during the bid and so it is fantastic to have them on board as a sponsor.
'They bring a wealth of retail experience which will be invaluable to us as our merchandise programme ramps up and crucially, members of their staff will join our own to provide expertise and ensure those visiting our Games receive the warmest of welcomes in 2012.'
