Plans for a Formula One circuit in and around the Olympic Stadium are officially now under consideration.
The scheme is one of four being reviewed by the London Legacy Development Corporation who are charged with the task of finding a suitable use for the showpiece venue of the forthcoming Games.
The LLDC will also be looking at three other bids, namely from football clubs West Ham and Leyton Orient, along with University College of Football Business, who are an affiliate of Bucks New University.
An LLDC statement read: "Following an extension to the bidding period, the Legacy Corporation can today reveal it has received four bids for the venue.
"Bids from West Ham United, Intelligent Transport Services in association with Formula One, UCFB College of Football Business and Leyton Orient will now be assessed to ensure they are compliant before being evaluated ahead of negotiations."
Intelligent Transport Solutions Ltd, who are based at Wanstead in east London, have already held preliminary talks with F1 supremo Bernie Ecclestone with regard to using the stadium as a circuit.
Any potential race would form a second British round of the world championship to run alongside the British Grand Prix at Silverstone.
Ecclestone has tentatively given his blessing, stating a month ago ITS Ltd are a firm "bidding for use of the stadium, not to own it."
Ecclestone added: "They came up with a scheme whereby Formula One would race around the stadium, inside it, outside it. They wanted to make sure I would be interested."
It is understood, however, Ecclestone will not throw his full weight behind the plan unless ITS Ltd win the bidding process.