Lynam, who has presented Match of the Day and Countdown, told The Daily Star the Queen was "charming", before adding: "She was asking me whether I was broadcasting very much. I said, 'sparingly these days'."
The presenter said he didn't know when he would wear his OBE but said "there are certain occasions when you show your medals".
Lynam controversially left the BBC for ITV in 1999 to present the channel's live Champions League matches and Premier League highlights. He retired from full-time sports broadcasting after the 2004 European Championships.
He currently acts as the face of Setanta Sports' Premier League adverts and has interviewed Sir Alex Ferguson, Martin O'Neill and Harry Redknapp for the channel.