British girl band The Spice Girls (L-R) Victoria Beckham, Melanie Chisholm, Gerri Halliwell, Emma Bunton and Melanie Brown pose for the media as they arrive at the Greenwich Royal Observatory in London.
The group will sing two songs, one of which is reported to be their 1996 hit single 'Wannabe' which was a number one in more than 30 countries.
Insiders say that Halliwell will wear the iconic Union Flag dress which she wore at the 1997 Brit Awards.
In a radio interview Thursday, Victoria, wife of English footballer David Beckham, confirmed that she would love nothing more than to sing again with the rest of the group. "I don't know about a comeback tour, but I loved being back with the girls. We are very excited about the Olympics," she said.
According to a source the Spice Girls were approached two years ago and only got delayed due to the busy schedules of the singers.
Liam Gallagher will also perform at the closing ceremony according to reports. The singer will perform a rendition of the Oasis song 'Wonderwall' with his band Beady Eye.