A London bid to hold the 2012 Olympic Games is a decision of athletic importance to London Master-planners and they await today’s expected government decision about the bid with baited breath.

It is expected that details of the British Olympic Association's bid will be presented at a Cabinet meeting in Downing Street today and an announcement will be made a few hours later.

A successful bid to hold the Games in London will be a major boost to East London redevelopment and the London Development Agency has already bought some of the potential sites. However the lengthy saga of Wembley Stadium's redevelopment, begun earlier this year, could count against the decision.

The Games would be centred on a new 80,000-seat stadium in Stratford, East London and this, as well as an Olympic village with accommodation for participants would bring much-needed investment to the area

The presidents of RICS, RIBA, ICE and RTPI have all previously written to the chairman of the British Olympic Association all stressing their 'strong support' for the project.

Tony Blair and his Cabinet had been due to discuss a British bid earlier this year but the war in Iraq put the subject on the back-burner. Now chartered surveyors, architects, planners and civil engineers are keen to put the issue back on the agenda.

The government is expected to support the London bid although ministers are asking for last-minute assurances on the financing details to avoid a repeat of the Millennium Dome and Wembley fiascos.

Britain made three unsuccessful bids in the 1990’s so the Cabinet may be cautious this time round. Several other cities have already expressed their interest - New York, Madrid, Leipzig, Moscow and Havana but Britains biggest contender will likely be Paris who are not expected to make a bid until June.