London Organising Committee (LOCOG) chairman Sebastian Coe said the decision was based on “cost, legacy and experience.”
The move could prove unpopular in some quarters, with Badminton England saying two months ago that the distance from Olympic Park in Stratford would damage athlete’s chances in the competition. The amateur International Boxing Association also rejected a move to Wembley for the same reason.
"There is some saving to make - the two federations have been very co-operative and understand it was wise to look for a cheaper solution," said International Olympic Committee official Denis Oswald after a two-day inspection of London's preparations.
"The London Organising Committee of the Olympic Games [Locog] has made proposals in that direction, which has agreed in principle by the two federations. It still has to be finalised but we have no doubt this situation will be finally resolved in the coming few weeks."
The Badminton World Federation's council is due to meet in Bali on Friday to discuss the issue. It is believed if the Wembley move is rubber-stamped by the sports, athletes will be offered hotel rooms within walking distance of the stadium for the duration of the competition.
