The centre, in the immediate vicinity of Buckingham Palace, will provide a place for Olympic athletes past and present to meet during the Games and share their experience and best practices.
The WOA opened the its first centre in Atlanta in 1996, a year after the association was created. More than 7,000 Olympians visited the house at the Beijing Games.
Joël Bouzou, WOA president, said: "The Olympians Reunion Centre will not only be the meeting place that that we so value every four years; it is now a place to interact and network. The aim will be to identify Olympians whose outstanding achievements can attract young people around the world to sport, whatever their cultural origin and religion."
The organisation will host its first-ever gala dinner for heads of state, IOC members, leaders of international sports federations and a large number of Olympians at St James's Palace tonight (25 July) in the presence of Princess Anne and Prince Albert II of Monaco.
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