The event, which marks the end of the 12-day competition, has been devised by Kim Gavin, the man behind the Olympic closing ceremony.
Coldplay have already confirmed their involvement, but Sky News reports that they will be joined by 1,000 volunteers, including armed forces personnel and a group of 'travellers' who will "storm the stadium".
Coldplay were paid £1 for their participation in the event and will reportedly play an "unusual setlist" that reflects and represents the seasons of the year.
Members of the armed forces who helped with security throughout London 2012 have been invited to attend, with a number of personnel to unveil the Union Jack before the national anthem.
Gavin said that he hopes the ceremony will "pay tribute to the human spirit for this wonderful sport and human achievement of the last two weeks... the whole night is the celebration of the flame finally going out".
It was also revealed by organisers that other recording artists have asked to participate in the event, but that Gavin had a specific vision for it to "revolve around one act".
However, there have been rumours that Rihanna and Jay-Z will accompany Coldplay on stage, on which organisers remained tight-lipped today.
Watch Coldplay's video for 'Paradise' below: