The Olympic Park is to be called the Queen Elizabeth Olympic Park, London mayor Boris Johnson said.

The 500-acre site in Stratford, east London, where the 2012 Games will be staged will include the showpiece Olympic Stadium, plus about four miles of waterways, extensive parkland and facilities left from the Games, including a velodrome and a new landmark of the Anish Kapoor’s Orbit viewing platform and sculpture.

Mr Johnson said: “These things will make the Queen Elizabeth Olympic Park an astounding and an interesting place to visit.”

The new name will come into effect when the Park reopens in 2013 after the Games and has already received permission from the Queen, the British Olympic Association and the International Olympic Committee.

Baroness Ford, chair of the Olympic Park Legacy Company which is in charge of deciding the future of the venue, said: “The strength of the values, heritage and power of the royal and Olympic associations fit with our ambition for the Park.

Culture Secretary Jeremy Hunt said: “It is a great honour that Her Majesty The Queen has given her consent to the name the park the Queen Elizabeth Park after the Games.

“Her Majesty has been supportive of London 2012 from the start and the event taking place in her Diamond Jubilee year, it is fitting that the park bears her name.”

The OPLC opted for a name with royal connections after talks with investors, developers, local boroughs, and businesses, plus its own market research showed that it was a popular choice.

BOA chair Lord Moynihan said: “London is the only city to be honoured as host of the Olympic Games on three occasions and the name that has been selected for this iconic park is a wonderful tribute to the people of Great Britain and the importance of sport in our country.”