The 32,000-seater stadium in central England was selected after first choice Villa Park was dropped because Premier League club Aston Villa plan construction work.
The Ricoh, named after its Japanese sponsor, will be rebranded the City of Coventry Stadium during the Olympics and will be one of the host stadiums for the preliminary rounds.
It becomes the final 2012 venue to be settled.
Other grounds scheduled to host football matches during the Olympics include Hampden Park in Glasgow, the Millennium Stadium in Cardiff, Old Trafford in Manchester, St James' Park in Newcastle and London's Wembley Stadium.
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