Oxford's Iffley Road athletics track could be used by athletes training for the London Olympics in 2012, it was revealed.

London 2012 boss and Olympic gold medallist Sebastian Coe was at the track yesterday with Sir Roger Bannister - who ran the first sub-four minute mile there in 1954 - to rename the track after Sir Roger and to officially reopen it after the track was closed for resurfacing.

After the naming ceremony, Lord Coe, chairman of the 2012 organising committee, revealed Oxford University had applied for the venue to be used by international teams in the run-up to the London Olympics.

Other facilities at the complex in Jackdaw Lane include an eight-lane 25m swimming pool, astroturf pitch, gym and sports hall.

Lord Coe said: "The track is obviously a special place and Sir Roger's achievement here was a truly historic moment in track and field history. I hope that many other records will be set here and that, not only youngsters who run here go on to compete at London 2012, but that the facilities could be used by athletes preparing for the Olympics in five years' time."

After its £200,000 refurbishment, funded by the university and its alumni, the track has now been awarded UK Athletics certification to hold meetings and be eligible for record attempts again.

Sir Roger said: "I am extremely honoured that my name will be linked with this track. The track, as well as the whole of Oxford, hold a special place in my heart."

Sir Roger, who was a noted neurologist, added: "I think we should be doing more to encourage and nurture those showing athletic promise so that we have youngsters who come through and shine in 2012.

"I do enjoy seeing people training and competing here and would love to see this happen ahead of 2012."

Jon Roycroft, director of sport at Oxford University, said: "It is a great way of showing our support for the Olympics and we wanted to make sure we had our ticket in the ring.

"It is very early days and there are 750 organisations who have also expressed an interest, so it is difficult to know at this stage how things will progress."

Mr Roycroft added: "The criteria is demanding but if we can provide facilities for a certain team, we will be only too pleased.

"I think Lord Coe sees the track here as the spiritual home of athletics and an inspirational place for people to train. That can only be a boost."

After the official naming of the track by Lord Coe, Sir Roger fired the starting gun for a series of one-mile races between Oxford students.

Oxford City Council has already stated its interest in holding training camps in the run-up to 2012.