Craig Reedie, the president of the BOA said: "This window of opportunity will not be there permenantly. The opportunity may be now."
But London does not have the facilities available to host an Olympic Games but the BOA has identified Stratford, in east London, as the centre of a possible bid.
Original plans to build an athletics stadium at Picketts Lock, north London, were scrapped last year because of lack of funding leading to London being dropped as the host of the IAAF World Athletics Championships in 2005.
It is also still unclear whether Wembley Stadium will be rebuilt and if it is, whether or not it will have an athletics track.
But Jacques Rogge, the International Olympic Committee's president, said England's sporting reputation has been greatly enhanced by the Commonwealth Games:
"The IAAF World Championships and the Picketts Lock stadium issue was not something that was beneficial in terms of future organisation of events. But this has been totally erased by the very high standards of the Manchester games."
Last week, Richard Caborn, the minister for sport, ruled out the possibility of Manchester bidding for the Olympic Games despite the success of the Commonwealth Games. He insisted that an Olympic Games had to be hosted in a capital city even though Sydney and Barcelona have both hosted hugely successful Games.
Europe is the most likely continent to stage the 2012 Games and definite candidates include Moscow and Budapest. Other possible bidders include Paris and Berlin.
