The prestigious sports event is slated for July 27-Aug 12, 2012, and Coldplay is at the top of the organiser's wish-list of acts for the opening gala, reports contactmusic.com.

"Coldplay are the biggest stadium rockers in Britain today, and their style of anthemic music would be perfect for the Olympics. (The opening song) needs to be something inspirational.

The hope is that they would perform at the opening ceremony, as well as produce a recording of the track, which could help fund good causes in British sport," said a source.

Singers Joss Stone, Muse and Damon Albarn are also in the running to join a star-studded line-up at the launch of the event.