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West Ham have moved closer to completing their deal to move into the Olympic Stadium.
The latest negotiations mean a plan can now be put to a crucial meeting next week of the organisation in charge of the stadium's future.
The same organisation has also announced today that visitors will be allowed into the Olympic Park between March and May this year.
The details now from our Political Correspondent Simon Harris.
Boris Johnson has refused to comment on reports that West Ham have reached an agreement with City Hall, on the share-out of any profits if the club were to be sold after moving into the stadium.
West Ham were named preferred bidders for the Olympic Stadium in December last year - but the parties have since been hammering out the details of any potential deal.
West Ham United have today been named as the top choice to move into the Olympic Stadium when it re-opens.
But as he announced the decision, Boris Johnson said that there was still "a lot of negotiation" before the deal was signed and sealed. That's likely to focus on who comes up with the millions of pounds needed to convert the stadium so it can host football and athletics.
This report is from our Political Correspondent Simon Harris.
Mayor of Newham Sir Robin Wales said: “This is another massive step forward in securing the future legacy of the Olympic Stadium for the residents of Newham, the people of London and the nation as a whole.
"Newham’s vision for the stadium remains to create significant community benefits including a world class visitor attraction, job creation, access to events held there and increased sports participation.”
Chief executive Kim Bromley-Derry added: “West Ham United are not just a local club - they are an important part of the community. The Olympic Stadium and the Olympic Park deserve a fitting legacy and Newham has always been passionate about delivering that legacy."
London Mayor Boris Johnson revealed that West Ham United are the preferred bidders to take over the Olympic Stadium. However, he warned that negotiations over funding the move are still to be completed.
West Ham United has welcomed the news on its website.
Click here to read the statement in full.
Boris Johnson said he was pleased that West Ham has been named the preferred bidder for the Olympic Stadium.
West Ham United are the preferred bidder to move in to the £429 million Olympic Stadium when it reopens, the London Legacy Development Corporation announced today.
More from our Political Correspondent Simon Harris, who is at a meeting of the London Legacy Development Corporation.
Latest ITV News reports
Our Political Correspondent Simon Harris blogs on the latest developments in West Ham's bid for the Olympic Stadium.