The victory parade will start at 1:30pm GMT at Guildhall in the City of London and head through Mansion House, St Paul's Cathedral, Trafalgar Square, through Admiralty Arch and down The Mall for a spectacular gathering at the Victoria Memorial in front of Buckingham Palace that is scheduled to conclude the event at 4pm.

All 900 Olympians and Paralympians competing at London 2012 will be invited to appear in front of crowds that will almost certainly dwarf crowds seen at previous parades for England's Rugby World Cup win in 2003 and the England cricket team's Ashes win in 2005.

Although the parade was originally planned to be an open-top bus event, it has now changed so that the Olympic and Paralympic athletes will appear on floats that will be pulled by lorries, giving them more visibility and interaction to the huge crowds expected to line the streets.

The event itself is being organised primarily by the British Olympic Association (BOA), the British Paralympic Association (BPA) and the Mayor's Office, with sponsorship from British Airways, BP, BT, Visa and Camelot – which runs The National Lottery.

Although there have been complaints about the parade taking place on a week day, the BOA has confirmed to insidethegames that September 10 is the best logistical day to hold the event as it is the day after the Closing Ceremony of the Paralympic Games.

There have been some calls to let children off school for the parade but it is an issue organisers are staying out of.

Meanwhile, the parade is set to be broadcast across a number of networks, including the BBC, which has been widely praised for their coverage of the London 2012 Olympics.

Channel 4, the host broadcaster of the London 2012 Paralympics, is also likely to show the parade.

Team GB Olympic champions celebrate with their London 2012 gold medals

"The parade of Our Greatest Team on September 10 will provide an opportunity for the nation to recognise and celebrate the special achievements of this unique group of athletes," said Andy Hunt, the Team GB Chef de Mission and BOA chief executive.

"But just as importantly, it will give the athletes a chance to show their appreciation and gratitude for the inspirational support they have received from the Great British public throughout the London 2012 Games."

Tim Hollingsworth, the chief executive of the BPA, admitted he was equally excited about the parade,

"The iconic images from the Beijing 2008 parade were a fitting finale to the outstanding performances of Team GB and ParalympicsGB," he said.

"Fast forward four years to London and Team GB has already surpassed that with an effort that has captured and enthralled the nation.

"It's our turn now to show the nation what we can do on home soil.

"If we also achieve our target of more medals across more sports then the 2012 parade will be a fantastic tribute to Our Greatest Team and a fitting end to a wonderful summer of sport."

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