The 23 tonne bell was made for the opening ceremony and has been in storage since. It stands two metres (6ft 6in) tall, more than three metres (11ft) in diameter and rings with a deep tone that can be heard for miles.
The bell has the lowest tone in the world - a sound that can be heard for miles around - and was first rung by Sir Bradley Wiggins during the £27million Olympics Opening Ceremony in 2012.
The London Legacy Development Corporation (LLDC) has confirmed the £1million bell will be hung from a bell tower near Olympic Stadium, east London, from this summer for all for admire.
However, it will be purely ornamental as it is feared that the sound would be so loud that it would be totally unbearable for anyone living in the area.
The decision has sparked fury among bell-ringing enthusiasts, who have called for it to at least be tolled to announce important national events.