The parliament will help gather three young people from every London borough to act as a sounding board for the London 2012 Forum, which works to involve Londoners in the bid.
The forum's likely membership will be a mix of youth parliament members and members of other London youth forums. Its first meeting is in January.
The forum is also to be consulted on the World Youth Festival, and on how to get young people involved in the event.
Young people throughout the UK will be consulted, should London get to host the Games.
Frederick Barnes, youth parliament member for Hounslow, said the bid could "genuinely make a difference to the sporting and cultural legacy of our communities".
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