Sheffield City Council have announced that they are to close the Don Valley Stadium.
The athletics arena, where Olympic champion Jessica Ennis trained before the London Games, cost £29m to build.
Authorities in Sheffield have claimed that the decision was based on the need to save money.
"It's a huge shame. To see it demolished would be a massive, massive disappointment," Ennis is quoted as saying by BBC Sport.
"We've achieved so much as a country in the London Olympics, so to lose some great facilities sends out the wrong message, really.
"I understand budgets and costs, but I think we need to find a way to keep it."
Sheffield Council have been told that they must make cuts of £50m this year.