The parade will take place in central London from about 1.30pm, culminating with a celebration in Trafalgar Square.
Large screens in Trafalgar Square will show the parade in action, as well as highlights from the Olympic Games.
It's not yet known which cyclists will take part in the parade.
Simon Clegg, Chief Executive of the British Olympic Association said: 'We have been overwhelmed with requests for a Team GB parade in London."
Mayor of London, Ken Livingstone, said: "On behalf of London I pay tribute to our extraordinary sporting heroes who did us proud at the Athens Olympic Games. The UK's performance was an inspiration to all those watching at home and those many thousands who gave such strong support from the stands. The UK has shown its passion for sport. Let's look to a London Games in 2012."
The parade will also feature medal winners from the Paralympic Games, due to take place in Athens from 18th September.