Colin Moynihan, the chairman of the BOA, announced that the Government had agreed to try to find an "amicable" solution to the row between them and London 2012 over the argument about profits from next year's Games before a press conference to unveil a group of 27 British Olympic medallists who are to act as ambassadors for Team GB at next year's Olympics.

"I can report that good progress was made through the weekend," said Moynihan.

"The Government has agreed to hold a discussion to reach an amicable solution to the current contractual dispute."

The meeting is due to take place between Moynihan and the Sport and Olympics Minister Hugh Robertson before Britain's National Olympic Committees gather in London tomorrow afternoon where the topic is top of the agenda.

London 2012 have not been invited to the meeting.

It follows criticism from the Culture Secretary Jeremy Hunt, who yesterday condemned the row and said he wanted to "settle this as quickly as possible and focus on what the country wants, which is 2012".

"The last thing any of us wants is a damaging row lasting the summer," said Robertson.

"I want to see if there is anything the government can do to bring this row to a conclusion.

"The last thing any of us wants is for this to go on for three or four months and end up at CAS.

"That would be very bad for sport and for London 2012.

"My role is to look at the overall damage this is doing for London 2012 and for British sport and see if there is anything I can do to help come to a solution.

"London's Olympics is in great shape - it's on time and it's to budget.

"I'm prepared to do anything I can to reach an end to this dispute."

Under an agreement signed in 2005 after London was awarded the Games, the BOA would be entitled to a cut of any profit after 2012, but only after the cost of the Paralympics has been taken away, potentially limiting the amount they will receive.

The BOA is now disputing the contact they signed six years ago and is taking London 2012 to the Court of Arbitration for Sport (CAS).

Moynihan and BOA chief executive Andy Hunt will not be permitted to take part in any 2012 Olympic Board meetings while they are involved in legal action against London 2012, the organising committee.

There is increasing pressure - both domestically and internationally - for Moynihan to drop his legal action.

Moynihan has already angered the International Olympic Committee (IOC) President Jacques Rogge by turning down the opportunity earlier this month for him to try to resolve the row.

The IOC last week ruled in favour of London 2012.

Denis Oswald, the chairman of the IOC's Coordination Commission for London 2012, has warned the BOA that they have no chance of winning their case at CAS.

"It's very regrettable that they have and we have to spend time on this," Oswald told the Associated Press.

"It could have been avoided.

"The sooner it is settled the better so that we have it behind us."

The row took a futher twist when Neil Wood, the chief financial officer at London 2012, issued a statement refuting Moynihan's claims that the Olympics could make a profit of £400 million ($640 million).

"With reference to a claims by the BOA of a meeting last July between LOCOG and the BOA in which statements allegedly were made by me to the effect that the Olympics would make a profit of about £400 million ($640 million) with the Paralympics making a corresponding loss and at a subsequent meeting I allegedly revised this figure down to £300 million ($480 million) - I have never made such statements, which are in fact untrue," he said.

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