Championship club West Ham United had been granted permission to take over the ownership following the conclusion of the Games next year.
However, that verdict has been challenged by both Spurs and Leyton Orient throughout and it now appears that the stadium will be leased.
"We welcome the OPLC decision to end the current Olympic Stadium bid process," read a statement on the club's official website.
"We firmly believe that the bid we put forward was, in fact, a realistic sporting solution for the stadium, along with a substantial return to the taxpayer, community programming and athletics provision."
The West Ham board released a statement earlier today stating that they are interested in renting the ground.