An Olympics equivalent to "Henman Hill" will be set up to allow 10,000 people who have missed out on tickets to watch the Games, organisers have said.
The woodland area, which will feature giant screens and a stage for athlete interviews, will be situated at the heart of the London Olympic Park.
Organisers hope the screen will offer disappointed fans a chance to watch Team GB go for gold this summer.
The designers of Park Live, the green space's official name, are still searching for a nickname.
Possible names mentioned so far include Hoy or Halsall Hill after cyclist Sir Chris Hoy and swimmer Francesca Halsall, or Pendleton Park after gold-medal winner Victoria Pendleton (track cycling). Alternatives include Dai Greene Fields, or simply Greene's Green, after the Welsh hurdler.
A majority of the British team has yet to be selected, leaving the possibility of a nickname open until the big names of British sport have been confirmed.
The space will boast a giant double-sided screen in the River Lea and a "natural amphitheatre" that has been sculpted especially for the event.
It will be staffed by British Airways' "BA Hosts", made up of volunteers from the airline and their families, and spectators can watch athletes being interviewed on the presentation stage.
At 250 acres, Park Live features lawns, tree-lined footpaths and frog ponds, with 30 species of native reeds, rushes, wet wildflowers and irises.
Lord Coe, chair of the London Organising Committee of the Olympic and Paralympic Games, said: "Whether it's 'Halsall Hill', 'Pistorius Park' or 'Dai Greene Fields', 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."