Heineken will be the branded lager served at the Games and Heineken UK will have exclusive pouring rights for its portfolio of beer and cider brands at all London 2012 venues where alcohol is served.
The deal will also give Heineken sponsorship and venue supply rights associated with the British Olympic teams and rights to the Paralympics.
A spokeswoman for AB Inbev, which produces Budweiser, said: “Under our Budweiser brand, AB Inbev has been a long-standing supporter of the Olympic Games in various capacities, and we continue to have an excellent partnership with the United States Olympic Committee. While this relationship is ongoing, AB Inbev will not be serving as an official sponsor of London 2012.
“We wish all of the athletes, and the organising committee, all the best for a very successful event.”