The deal to bring the world’s fastest man to Birmingham will be signed at a major athletics tournament next weekend.
It is understood the Jamaican national athletics team will confirm its London Olympic training camp when they arrive for the Aviva Grand Prix at the NIA on February 20.
It means that sprint superstar Usain Bolt and his teammates will be warming up for the 2012 Games in Birmingham.
And confirms that Birmingham will host the two giants of the track and field following the agreement with the USA Track and Field team signed last year.
A council sports spokesman said: “There are two major forces in world athletics who have set up their training camps for the London Olympics and both have decided to come Birmingham.
“This is a major coup and shows that Birmingham has the sports facilities to attract the world’s greatest athletes and will play a major role in the 2012 Olympics.”
Council leader Mike Whitby and his senior sports officials laid the foundations for the deal when they met with the Jamaican athletics bosses at the World Athletics Championship in Berlin last summer.
The Tory chief also spent four days in Jamaica where he met the Prime Minister Bruce Golding and sports minister Olivia Grange, as well as Usain Bolt.
Those talks have now been concluded and the deal will be struck while some of the world’s leading athletes, including British Olympic champion Jessica Ennis, take part in the indoor championship at the NIA.
British 3000 metres indoor record holder Mo Farah will be going head to head with three-time Olympic champion Ethiopian Kenenisa Bekele.
A spin-off from the training camp will see leading Jamaican athletes host training sessions with Birmingham school children.
Jamaican and Birmingham officials also hope to develop cultural and social links which will last way beyond the 2012 Olympics.
They are also exploring the prospects of strengthening business links.