A deal has finally been done to allow the Hammers to move into the stadium from 2016/17.
A statement on the official site from Vice-Chairman Karren Brady reads in full:
At a press conference at 10.30am this morning I am proud to inform you that Mayor of London, Boris Johnson will be making an historic announcement confirming that the Club has reached an agreement with the London Legacy Development Corporation granting us the right to become the anchor concessionaire at the iconic Olympic Stadium.
This means from the start of the 2016/17 season West Ham United will be able to play our home fixtures in what will become a truly world-class football Stadium once it is transformed by a multi-million pound conversion turning it into a UEFA category 4 stadium which is the highest category a football venue can be awarded and therefore will be suitable for hosting matches of the highest calibre.
New retractable seats surrounding the pitch will bring you close to the action while a massively expanded state-of-the-art roof will cover all seats in the ground. No seat will be worse than Wembley and at many parts of the ground, for example from some viewpoints behind the goal, they are as close to the pitch as Arsenal's Emirates Stadium. A capacity of at least 54,000 seats will see us amongst the top 5 attended clubs in the Premier League.
In addition, we would be moving to one of the best connected stadiums in Europe, set in its own parkland with world class facilities.
The move would provide an opportunity to improve our fortunes on every level including opening doors to new revenue streams. My Chairmen and I cannot thank you enough for your loyalty and patience so far. For three years we've been asking you to trust us.
We understand that having to keep our vision confidential for such a long time may have caused you apprehension.
The visuals show we have been spending our time ensuring that the stadium is everything each one of you would hope and dream for, for your club and that you will realise that you could put your trust in us. We always knew what mattered most to you.
Your feedback has been instrumental and we know we'll have to create a stunning new home that befits the pride, passion and tradition that the world associates with our great Club. We have now shortlisted three recognised independent organisations to conduct in-depth consultation with you and get your opinions.
We know you have many questions and that is completely understandable. We have reached agreement on terms to the extent that LLDC are happy to commit to building a stadium that we in turn are happy to take to you. We believe it to be the best opportunity for the Club to grow.
We couldn't present our vision to you until we were certain it could be delivered. The agreement we are signed up to is subject to many things, including planning consent and on our side, consultation with you.
We have spent over three years getting to this stage and we hope that you will share in our vision and ambition for the Club and be as excited as us about our future.
We have so much learning to share with you and I give my word, should you wish to embark on this amazing journey with us, that your new home will be as close to perfect as hard work, modern ideas and love of the club can make it.