The London 2012 Organising Committee (LOCOG) has teamed up with its official airline partner to create a dedicated area featuring giant screens and picnic lawns for up to 10,000 fans at a time.
At the heart of the plans for Park Live is a double-sided screen in the River Lea broadcasting live London 2012 coverage.
Open for spectators to visit before and after sporting events on the Olympic Park, the venue will be set within the newly created 250 acre Parklands, which provides new green space for people and wildlife.
Alongside live sporting action, Park Live will feature a host of activity including live entertainment, short films on the creation of the Parklands and visits from London 2012 athletes.
LOCOG Chair Seb Coe said: ‘Our plans for Park Live will create a green and colourful place for fans to cheer their heroes and soak up the Olympic Park atmosphere.
'With lush lawns surrounded by wildflower meadows and rustling reeds, a trip to Park Live will be a truly unforgettable experience.’
LOCOG has also announced its ambition to offer general Park tickets, enabling people to come into the Olympic Park without tickets for sporting events.