The new facility would include a 500m oval cycling track - with a lake at the centre - as well as a 2km road track.
The chairman of the ODA John Armitt said the velodrome would be a "world-class cycling venue with a record-breaking track for events in 2012 and the legacy of first-class facilities to help create the next generation of Olympic champions".
The "Colne Cyclone" has twice been part of a world-record breaking team this year - in the team pursuit final at the Track Cycling World Championships in Melbourne and on Thursday, as part of the Great Britain Olympic team, setting a new world-record time during the men's team pursuit track cycling qualifier.
Hoy opens his campaign on Friday in the men's sprint and will ride in all three sprint events - individual sprint, team sprint and Keirin - for Sky Track Cycling.
The cost of tickets for Olympic medal-winning sessions in athletics, track cycling and swimming have been criticised by the London Assembly.
Due to be completed by the end of 2014, the UK's sixth indoor cycling track was recently given the green light - though supporters of the project had an early scare.
Pendleton also competes in three events, riding in the two-woman, two-lap team sprint alongside BMX ace Reade for Sky Track Cycling against Britain's Becky James and Jess Varnish.
On leaving Rookwood, Colbourne started training with the DSW Academy Para-cycling squad under the guidance of its coach Neil Smith, and in May 2010 debuted in a track race, the Wales Grand Prix.
The 24-year-old, nicknamed The Colne Cyclone, won gold in the men's team pursuit track cycling at London 2012.
The Velodrome cycling track will be converted into VeloPark, which, with the addition of a mountain bike course and road-cycle circuit, will be open for community and club sports.
As well as being Olympic team pursuit champion, Clancy won gold at the Track Cycling World Championships in Denmark last year, and he also picked up the men's omnium - the "pentathlon" of cycling - in the second round of the World Cup in Cali, Colombia.
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