The Channel 4 game show, hosted by Davina McCall, will welcome competitors at the Olympics and Paralympics, as well as other sportsman and stars during its Celebrity Games series this summer.
David Flynn, creator of The Million Pound Drop Live, said: "In this summer of sport, celebrities will face the ultimate challenge as they try to break records and make lots of money against the toughest competitor of all – The Million Pound Drop."
As ever, viewers will be able to play along with a virtual £1m using the online game or with the newly-launched Million Pound Drop mobile app.
McCall is one of 12 celebrity Team GB ambassadors who will be promoting London 2012 in the run-up to the opening ceremony on July 27.
The former Big Brother host recently denied reports that she would present coverage of the Games for the BBC.