The five arenas at the ExCeL campus in the Docklands area of London will host 165 sessions during the Olympics across a variety of different sports including boxing, table tennis, judo, fencing and weightlifting.
Under the terms of the London 2012 bid all outdoor advertising around the Games had to be offered to the official sponsors first through an auction process, which took place earlier this year.
The ExCeL London site was not included in the original auction and so Ocean Outdoor will now look to sell the existing and additional formats on the site to one of the Olympic sponsors for the entire 12-week period.
Sites in the "vicinity" of the Olympic venues or in "spectacular" locations must be offered to tier one and two sponsors first, followed by tier three and four sponsors. Vicinity sites cannot be sold to non-sponsors.
Tim Bleakley, chief executive of Ocean Outdoor, said: "This is a fantastic addition to London's advertising portfolio during the 2012 Games and will offer one of the sponsors a superb opportunity to target the Olympics and Paralympics."
The auction for media space during the Olympic Games did not sell as many sites through the online platform as was expected so many high quality sites have gone back onto the open market.