Next year's tasks are to agree a marketing and sponsorship plan, embark on the design of a London 2012 logo, establish a budget and finalise transport needs.
Building plans must be completed by 2007 so that work can begin in 2008.
CEO of the London organising committee for the Olympic Games (LOCOG), Keith Mills, said talks were already under way with potential sponsors ahead of next year's deadline. (Mills will be performing this role until a new CEO is appointed, at which point he will then become deputy chairman.)
Sponsorship around the Games is said to have already generated significant interest amongst British businesses.
Meanwhile, the organising committee for the Beijing 2008 Games (BOCOG) recently unveiled its five Olympic mascots.
The names of the mascots form the words 'welcome to bei jing'. They are based on China's favourite animals- the panda, the fish, the antelope and the swallow, with the fifth animal representing the Olympic rings.
BOCOG will hope the mascots help take the Olympic licensing programme beyond the £170million raised by Athens.
