Team GB will aim to continue their gold medal-winning performances on Thursday after cyclist Bradley Wiggins' record-breaking feat in the time-trial.
Four-time Olympic champion Sir Chris Hoy begins his London 2012 campaign as the action gets under way in the Velodrome.
Hoy and Jason Kenny won team sprint gold in Beijing and are bidding to defend their title alongside newcomer Philip Hindes today.
Great Britain's Victoria Pendleton training at the Velodrome in the Olympic Park
Victoria Pendleton, who is set to retire after the Games, will compete alongside Jess Varnish in the corresponding women's event alongside.
Britain will also chase more glory on the rowing lake at Eton Dorney after the women's pair of Helen Glover and Heather Stanning delivered the first home gold medal of the Games yesterday.
Richard and Peter Chambers, Rob Williams and Chris Bartley in the lightweight men's four are strong contenders to finish on top of the podium.
Wiggins secured his position as an all-time British sporting great yesterday when he claimed a seventh Olympic medal, and revealed he was going to celebrate with a heavy drinking session.
He later posted photos of himself enjoying celebratory drinks near St Paul's Cathedral on Twitter, saying: "Well what a day, blind drunk at the minute and overwhelmed with all the messages. Thank you everyone it's been emotional X."
The 32-year-old clinched gold just 10 days after his historic Tour de France victory.
Sir Chris Hoy warms down after Great Britain's training session at the Velodrome at the Olympic Park
After he raced to glory in the time-trial around Hampton Court he told BBC Three: "I'm just going to get really drunk tonight and have a good think about things."
But after winning gold an overzealous fan stole his cycling shorts while he showered, ITV News reported.
Wiggins said: "It's only a bit of cycling kit. But you don't expect pilferers to do that in a five-star spa.
"Sweaty cycling kit is probably on eBay tonight."
His seventh medal takes him one clear of rower Sir Steve Redgrave, who has six, making him the most decorated British Olympian of all-time.
His delight at the conclusion of the 44km time-trial was shared by thousands of Union flag-wielding supporters.
He said: "It's really incredible to win an Olympic Gold in your home city.
"When you win in the velodrome there are three or four thousand people cheering. Here, around the streets of London, the noise is just amazing. I don't think anything will top that. It's just been phenomenal."
Wiggins' success has led to calls for him to be knighted by British cycling chief Dave Brailsford and to one bookmaker paying out early on any bets struck on Wiggins winning BBC Sports Personality of the Year.
Over at Eton Dorney, crowds were ecstatic as Glover and Stanning stormed to victory.
After crossing the line they hugged each other and saluted the supporters including the Duke of Cambridge, Prince Harry and the Princess Royal.
Glover, 26, a former PE teacher from Penzance, Cornwall, has been rowing for four years and was paired with Stanning only three years ago.
Stanning, 27, from Lossiemouth, Moray, is a Royal Artillery captain who is likely to be deployed to Afghanistan next year.
Team GB is now 11th in the medal table with nine - two golds, three silvers and four bronze.
The tally is better than it was at the same point in the Beijing Games four years ago.