Roger Draper, the chief executive of Sport England which is backing the project, said: "It is important to show the IOC that we are serious about first-class facilities for the Games.
"By the time the IOC inspectors come to London next year, there will be a lot going on on the site."
A top-class training pool, which will also be suitable for use by the local community, will be the permanent legacy of the bid.
At tomorrow's IOC meeting in Lausanne, London is expected to be named among the final shortlist of official "candidate cities" together with Paris, Madrid, New York, Rio de Janeiro and possibly Moscow.
Istanbul, Leipzig and Havana are not expected to make the cut.