The game, featuring the two legendary gaming mascots, is the latest sporting collaboration between Nintendo and Sega.

It is set to go on sale for the Wii in North America on November 15 this year before it is released in Europe three days later.

The 3DS version out next year with both versions will offer single-and multiplayer modes and Naoya Tsurumi, the chairman for Sega of America and Sega Europe, admitted he is excited ahead of the game release.

"Mario and Sonic have had a phenomenally successful partnership and we are extremely proud to be able to recreate this once again with Nintendo and ISM (International Sports Multimedia) for the London 2012 Olympic Games," said Tsurumi.

"It is truly exciting to be in the position to develop interactive entertainment software titles based on the Olympic Games, and for Sonic and Mario to once again be a part of this historic event."

The new trailer shows a huge roster of Mario and Sonic celebrities including Mario's close friend Luigi and Sonic's sidekick Tails.

There are also iconic London locations featured including Big Ben and Tower Bridge while the Olympic Stadium in Stratford is also shown.

The characters are seen competing in a number of sports including athletics, swimming, cycling and gymnastics with Mario and Sonic reunited for their latest adventure.

The duo were actually bitter enemies during the 90s when the Super Mario Bros titles went moustache-to-spike against Sega's Sonic the Hedgehog series.

But the intense rivalry was put aside several years ago when the pair discovered a mutual love of Olympian sporting events.

So far, their previous co-projects, Mario and Sonic at the Olympic Games and Mario and Sonic at the Olympic Winter Games, have sold over 19 million copies.

The new trailer can be viewed by clicking here. 

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