Essex chief executive Derek Bowden has revealed an agreement "in principle" has been reached with regard to the club playing Twenty20 cricket at the London Olympic Stadium from 2016.
Essex have been looking into the possibility for a number of years.
Bowden said: "In principle there is an agreement that a two-week festival of T20-type cricket could be played at the Olympic Park from 2016.
The London Legacy Development Corporation is responsible for future uses of the stadium, and Bowden added: "London Legacy and the ECB (England and Wales Cricket Board) are very supportive of the notion of a two-week festival of cricket in the summer."
Veteran Essex bowler David Masters has signed a one-year contract extension with the county.
The 35-year-old joined Essex in 2007 from Leicestershire and has been the leading First-Class wicket-taker at the club for four years in a row.
He made 16 LV=County Championship appearances last season, taking an impressive 51 wickets in the process.
He'll now stay with Essex until the end of the 2015 season.
Speaking to the club's official website, Masters said that he was happy to extend his stay:
“I am very happy to a have signed a new contract with Essex.
"Being 35-years-old, this will take me up the age of 37 and I want to play for as long as I can.
"This is a great step for me to continue playing cricket for as long as I can continue to perform on the pitch."
Monty Panesar has taken to Twitter to express his delight at signing for Essex.
The England bowler agreed a two-year contract with the club earlier this afternoon, following a successful loan spell last season.
Essex have completed the signing of England spin bowler Monty Panesar on a two-year deal.
Panesar, who's currently with the England squad in Australia ahead of the upcoming Ashes series, enjoyed a successful loan spell with the county last season.
During that time, the 31-year-old took 14 wickets in six LV= County Championship games.
Speaking to the club's official website, Panesar said that his previous positive experience with Essex had been pivotal in his decision:
"I loved playing for Essex last season. In the short time I was there, I was made to feel very welcome, both in the team and around the Club.
"I will always remember how the supporters and members gave me a heart-warming round of applause when I first came on to bowl for them at Colchester last August. It helped me to feel respected and loved as a cricketer after experiencing a challenging time in my life.
"I am determined to play my part in inspiring the team to be successful in all competitions. I want to help the club build towards the kind of success they enjoyed in its glory days under legendary captains Keith Fletcher and Graham Gooch."
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Essex Eagles have announced the signing of Indian batsman Gautam Gambhir until the end of the current season.
The 31-year-old will appear in the Eagles' remaining LV=County Championship and YB40 fixtures.
Gambhir, who has made over 50 test appearances for his country, replaces New Zealander Hamish Rutherford as the county's overseas player.
Rutherford is due to play for Essex for the final time in Saturday's Friends Life T20 final.
Essex head coach, Paul Grayson, told the club's official website that Gambhir's experience could prove to be invaluable for the closing weeks of the season.
“We are delighted with the signing of Gautam Gambhir who is a player with pedigree, which has been showcased on the biggest stages in cricket.
"He will no doubt bring his experience to the squad during an important stage of the season for us in the LV= County Championship and Yorkshire Bank 40 competition.”
Essex head coach Paul Grayson talks to Donovan Blake about the upcoming T20 and a certain recent Championship game...
WICKET - Essex 20 all out Lancashire win by an innings and 105 runs. Topley the last man out lbw to Chapple for 0