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Sport England and UK Sport are in negotiations to take 80,000 sq ft of office space at 21 Bloomsbury Street in London.
Sport England has awarded £19m of Olympic legacy funding to 377 community sports projects across the country.
Sport England has unveiled plans for the multi-million pound expansion of a number of sport training facilities in preparation for the 2012 Olympic Games, including Bisham Abbey in Buckinghamshire and Lilleshall in Shropshire.
Sport England is to invest a further £75m of lottery money in the grassroots development of sport across the country, including £46m for the nine regional sports boards.