One enterprising chap has thought of a new way of making some money out of the event. David Weekes has hooked up with Wimdu.co.uk to convert his black cab into a Relax-A-Taxi - a mobile £50 per night Hail-A-Hotel.
Weekes said: "I'm really excited that the Olympics are coming to the city but it's going to be a nightmare for cab drivers.
"So when I heard that I could rent out my taxi on Wimdu, I thought it was a no-brainer - after all, who knows London better than a cabbie?
"Hosting with Wimdu is a great way for me to earn some extra cash and was really easy for me to do. If being a cabbie doesn't work out, I might just stick with hosting!"
CEO of Wimdu UK Karim Hardane added: "At Wimdu.co.uk, our hosts strive to give guests a truly memorable experience.
"We are delighted to have David on board - he has proved that as long as you have a spare space, you can be a Wimdu host."
The fully-functioning Hackney carriage is fitted with a sleeping space, bedside lamp, curtains, a solar-powered radio, iPad and portable fridge.