The frontman explained that John was originally the musical director of the Olympics, but later fell out with organisers.
Elton John is said to have contacted the band for a potential duet, which eventually led to their official Olympics track 'Survival'.
"Believe it or not, Elton John gave us a call and wanted to write a song for the Olympics," Bellamy told LA radio station KROQ.
"At one time Elton John was actually the director of the music for the Olympics. He contacted us and we thought, 'This is far out! We're going to do a song for the Olympics with Elton John?!'
"So that's how the ball started rolling way back over a year ago. But then he pulled out of the Olympics. He didn't want to be involved anymore cause he fell out with the organisers so that left us with a half-baked idea. At that point we just let it go and carried on with making the album."
Copyright: PA Images Anthony Devlin/PA Wire
He added: "And then the Olympics approached us again about the ending ceremony for us to play and that's when we played them that song and they said they loved it and wanted to make it an official song of some kind."
Elton John eventually released his Pnau collaboration 'Good Morning to the Night' as one of the five official Olympics songs.
Muse announced yesterday that they have delayed the release of their new album The 2nd Law until October.
Watch the video for Muse's 'Survival' below: