The airline’s deal, which was announced at Heathrow’s Terminal 5, will combine marketing rights to London 2012 and flights for Britain’s Olympic and Paralympic athletes to the Beijing Games this year and the 2010 Olympic Winter Games in Vancouver.

The airline will also be involved in London 2012’s volunteer training programme, providing staff and expertise.

In addition to the London 2012 deal, British Airways will support the partnership with a number of community initiatives, including:

•  The creation of a travel bursary scheme for aspiring young athletes

•  The extension of community projects in West London to the East London areas where the London 2012 Olympic and Paralympic Games will be staged;

•  A series of cultural and entertainment events that will celebrate Britain at its best;

•  Continuation of the airline’s long-standing support for British sport through its partnerships with national teams and key tournaments.

Willie Walsh, British Airways chief executive, said: “British Airways is a natural partner for London 2012 and we are proud to become part of the team that makes the London 2012 Olympic and Paralympic Games a success.

"As one of Britain’s most high profile and iconic brands, it is natural that we should sponsor the Games in our home city.

"We supported London’s bid in 2005 and we will be proud to welcome the world to London when the global spotlight falls on the UK in 2012.”

London 2012 cairman Sebastian Coe said, “I can’t remember when British Airways was not part of my sporting life.

"From my first ever international junior competition in Athens in 1975, through to flying the team out to Moscow in 1980 – not to mention the immense support they offered during the bid.

"I'm thrilled that British Airways will continue to support our Olympic and Paralympic athletes throughout the Games in Beijing this year and the Winter Games in Vancouver in 2010 and remain part of my life through to 2012.”

Simon Clegg, the chief executive of the British Olympic Association (BOA), said: "The British Olympic Association is delighted with today’s announcement that British Airways is becoming a partner of the London 2012 Olympic Games and therefore Team GB.

"We look forward to building a close relationship, which replicates the successful partnership we enjoyed with the airline when they sponsored Team GB for the 2000 Olympic Games in Sydney.

"Delivering Team GB to an Olympic Games is a major undertaking for any organisation and we are therefore pleased to be working with British Airways again.”

Phil Lane, chief executive of ParalympicsGB, said: “It is great news that British Airways, a prominent British brand, has come on board as an official partner of the London 2012 Paralympic Games.  

"ParalympicsGB has an established relationship with British Airways who have previously provided an excellent airline service taking us to the camps and Games. 

"We look forward to British Airways flying our team to success in Beijing this summer, Vancouver in 2010 and supporting us on the road to London 2012.”

British Airways becomes the fourth tier one partner for London 2012 after Lloyds TSB (banking and insurance partner), EDF Energy (utilities services partner) and adidas (sportswear partner). 

Deloittes is a tier two supporter. 

The current tier sone categories still be filled are oil and gas, automotive, telecommunications, clothing and homeware.

BT is widely tipped to fill the telecommunications category.