The bank Lloyds TSB is being linked with the first main sponsorship position of the London Olympics in a deal worth £80m.

Although neither Lloyds TSB or the London Organising Committee (LOCOG) would confirm the arrangement, it is expected to be confirmed within the next two months.

The five top tier sponsors of the Games will be expected to provide a substantial chunk of LOCOG's £750m sponsorship target, with other blue chip partners in the telecommunications, transport and energy sectors being courted.

Sponsors will secure the right to limited use of the Olympic rings and the official logo of the Games, which has not yet been finalised.