Dec.6 (GMM) Plans to stage a Grand Prix in and around London's Olympic stadium have all but collapsed.

Screen capture of the London Grand Prix by Santander Photo by: Santander

Earlier this year, a company called Intelligent Transport Services launched a bid to take over the venue in the wake of the British capital's Games.

But rival bids were also launched, including by the premier league football club West Ham United.

And the AFP news agency says the club has been named "first bidder", which is reportedly a "major step" towards West Ham becoming the permanent tenant of the stadium.

"We had four good bids, as everybody knows," said London mayor Boris Johnson.

"The bid that has been ranked top is West Ham United. I am very pleased about that," he added.

"It will, if it goes through, mean a football legacy for the stadium but there is still a lot of negotiation to go on ... about the terms of the deal."