The telecoms regulator expects the event to attract over 20,000 journalists from around the world, and plans to use wireless bandwidth to provide video links for cameras crews.
Other ideas include using the spectrum for handheld radios to assist the London Organising committee and remote microphones and in-ear monitors for those covering the competition.
The next-generation technology will play a vital role in supporting the Games, said Ofcom chief executive, Ed Richards.
"We can't see it, hear it or touch it, but radio spectrum is absolutely essential to delivering themost technologically advanced Olympic Games ever," said Richards.
"With the eyes of the world on London during the 2012 Olympic Games and Paralympic Games, Ofcom will play a crucial role in ensuring that spectrum is available for the smooth operation of these events."
The regulator is accepting feedback on the proposals until 22 February 2008. Full details of the plans can be read here.