The club was "unable to commit fully to hosting matches" during the preliminary rounds of the competition as construction work was planned at the Birmingham-based stadium, the Organising Committee of the Olympic Games (LOCOG) said in a statement.
The venue has previously staged internationals and domestic FA Cup semi-finals and has a seating capacity of around 42,600.
Other grounds scheduled to host games during the Olympics include Hampden Park in Glasgow, the Millennium Stadium in Cardiff, Old Trafford in Manchester, St James' Park in Newcastle and Wembley Stadium in London.
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