Live Nation has confirmed that Hard Rock Calling and the Wireless Festival will be moved from their traditional Hyde Park venue after complaints about noise levels from residents.
Last year an over-running Bruce Springsteen headline slot at the festival, featuring Paul McCartney, had the power cut off mid-song by Westminister Council.
Bruce Springsteen playing Hard Rock Calling last July
John Reid, President of Concerts at Live Nation Europe, said in a statement: "We are delighted to be staging music concerts at the London Olympics venue, which last year became a globally-recognised site for outstanding performances – both in sport and music.
"Over the coming weeks, we intend to announce some major concerts with world-renowned artists, to firmly establish the Queen Elizabeth Olympic Park as the centerpiece for great live music in Europe."
The deal ends a 10-year relationship between Live Nation and The Royal Parks, the mangers of the former venue.
London mayor, Boris Johnson, said: "Our vision for Queen Elizabeth Olympic Park has always been as a destination for world-class sport, as well as for major cultural and leisure events and last summer the world saw what an amazing venue we have created with our iconic stadium, sports facilities and new parklands.
An aerial view of the Olympic Park in Stratford
"The confidence now shown by one of the world's leading live entertainment promoters to relocate two of its biggest music festivals from the centre of the capital is a ringing endorsement of our legacy plans. Along with the other major international sports events we have already secured, this latest news proves that the park has a very bright future indeed," reports the Independent.
Rival promoters, AEG Live, now have a five-year contract with The Royal Parks and plans to stage gigs in Hyde Park.