Badminton and rhythmic gymnastics at London 2012 are set to be held at Wembley Arena after approval from the International Olympic Committee.
The move, made citing the "exceptional circumstances" of the recession, would mean a temporary £40m venue will not need to be built in Greenwich.
Badminton's governing body wanted to be near to the Olympic Park in Stratford.
But athletes are likely to be offered nearby accommodation and training facilities to cut travel times.
The Badminton World Federation's council is due to meet in Bali on Friday to discuss the issue.
"There is some saving to make - the two federations have been very co-operative and understand it was wise to look for a cheaper solution," said International Olympic Committee (IOC) official Denis Oswald after a two-day inspection of London's preparations.
"The London Organising Committee of the Olympic Games [Locog] has made proposals in that direction, which has agreed in principle by the two federations.
"It still has to be finalised but we have no doubt this situation will be finally resolved in the coming few weeks."
Locog chairman Sebastian Coe said: "It's a combination of cost - everyone recognises the world has changed dramatically since when we bid - but it's also about legacy and athlete experience.
IOC's Denis Oswald addressing the media in London
London is on track to deliver an excellent Games
IOC official Denis Oswald
"So these are the fine judgements. But these are the last two sports. Wembley's been agreed by the leadership of those two sports and the leadership of the IOC as well."
London mayor Boris Johnson said: "I am pleased and thank the two federations for understanding our concerns to save money wherever we can in these tough economic circumstances."
Oswald, the chairman of the IOC's co-ordination commission, came to London's support when it was suggested they had reneged on their bid promise for athletes to "compete and not commute", saying that the global financial crisis had caused exceptional circumstances.
"I don't think we can say London went back on their promise," said Oswald.
"The two venues are exceptions and we should not forget that training facilities are all very close to the Village and athletes spend 90-95% of the time training rather than competing.
"If in two sports the athletes have to travel a little further than expected and can walk from a hotel to the venue I don't think it can be an issue.
"We just hope we won't have a world financial crisis every four years."
The Mayor of London, Boris Johnson, has campaigned for the cost-saving move to Wembley.
"I am pleased and thank the two federations for understanding our concerns to save money wherever we can in these tough economic times," he said in a statement.
"I am confident that Seb and his team will ensure that every athlete competing at Wembley in 2012 will not only have a great venue, but all the facilities they need, right on the doorstep, to help them go for gold."
Oswald said the inspection overall had been very positive and that significant advances had been made since the IOC's last visit in April.
"With less than 1,000 days to go until the opening ceremony of the Games we have been hearing about the advances made by Locog in the last few months.
"A lot of work has been done since we were here last time, this is very positive and we really start feeling the Games are taking shape.
"London is on track to deliver an excellent Games."
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