Coventry City's Ricoh Arena will stage some of the mens and women's football tournament and the Council is meeting to discuss how they can make the most of the benefits of the games being in Coventry and Britain in July 2012.
There are plans to improve the city with a new square for Broadgate and around £7m could be invested in providing better transport routes into town.
Coventry City season ticket holder and leader of Coventry City Council Cllr John Mutton said in a press statement: "The people of Coventry deserve a city they can be proud of and we know that Broadgate in particular is close to everyone's heart.
"In 2012 the eyes of the world will be on us, so this is an ideal opportunity to continue to focus on the regeneration of the city centre and transform the historic heart of the city centre.
"The Olympics is a once in a lifetime opportunity for us to take our place on the international stage and I know we will give a real Coventry welcome to the thousands of international visitors that will be in our city to support their team. But it isn't just about being a host city, it's about making sure we provide something for local people - a lasting legacy everyone can be proud of. That's why we are starting work now on what will be one of the biggest and most important regeneration projects focusing on the heart of our city.
"We are planning this work in a difficult economic climate - when government spending cuts are making things very challenging for us. But I believe that it is vital that we focus on the future and re-establish our priorities - ensuring that we bring jobs to Coventry, continue the regeneration of the city and build a city we can all be proud of. That means we will continue to invest in our future and make sure our priorities are the ones that are most important to local people."
Cllr Mal Mutton who chairs the Coventry 2012 cabinet advisory panel said, "This is just the first step on our Olympic journey and over the coming weeks and months we will be asking Coventry people to get involved with the plans and to tell us what they think so they can help to shape the way the city centre looks and feels.
"The plans also involve us improving some of the connections to the city centre and giving the streets and pavements back to the people. This also includes filling in some horrible subways between the station and the city centre - which are probably the most unwelcoming greeting any city could give its visitors. In fact it's quite right that people should be better connected to Greyfriars Green - one of the most beautiful city parks in the country."People can take part in the consultation by looking at some of the artist's impressions on Flickr or by visiting the exhibition of the plans at the former Bakers Oven store in the city centre. The shop will be staffed by council officers who want to hear people's views and can answer questions about the plans. It will open from Monday 24 January to Saturday 5 February. The shop will be open Monday to Saturday 10am to 3pm.