London has won the race to host the 2012 Olympic Games emerging as the preferred city ahead of Paris.

The British capital won a two-city battle against Paris by just four votes at the International Olympic Committee (IOC) meeting in Singapore today.

Moscow were the first city to be eliminated from the original shortlist of five, followed by New York then Madrid.

"It's just the most fantastic opportunity to do everything we ever dreamed of in British sport," said London bid chairman Sebastian Coe.

"We have a chance over seven years and way beyond that to change the face of British sport."

British Prime Minister Tony Blair said hosting the Olympic Games will be "momentous and tremendous" for the capital.

Speaking at the G8 summit in Gleneagles immediately after the result was announced, Mr Blair paid tribute to the "great team" effort which had led to the successful bid.

"We have got a great chance now to develop sport in our country and to have a fantastic Olympic Games and then to leave a legacy for the future," said Mr Blair.

"We have got a capital city that many people do recognise as the greatest capital city in the world at the moment, and the Olympic Games will help keep it that way."

London last held the Olympic Games in 1948.

IOC president Jacques Rogge made the dramatic announcement in a globally televised ceremony at 12.49 BST.

The race to host the 2012 Olympic Games was widely seen as one of the closest in Olympic history.

Paris was considered the front-runner for much of the campaign but London picked up speed in the final stages with strong support from Prime Minister Tony Blair and England football captain David Beckham.

In recent years Britain has mounted three failed bids for the games, with Birmingham bidding for the 1992 Olympics and Manchester for 1996 and 2000.