Sir Chris Hoy will carry the flag for Team GB at Friday's opening ceremony of London 2012, the British Olympic Association have confirmed.
However, he has admitted he would not have taken part in the event had he not been chosen.
Hoy, who said that British Cycling is on a huge high going into the Olympics following Bradley Wiggins' victory in the Tour de France, described winning the vote by fellow athletes as "a huge honour".
The Scot, who has four gold medals and a silver from three previous Games, has never yet attended an opening ceremony and would have missed out on London too had he not been selected.
Hoy said: "The team is not due to travel until the Saturday, chances are I probably would not have gone so it's a great opportunity for me in my last Olympics.
"It will be something special and especially with it being the home Games it will be quite an experience.
"It's the stuff of dreams and I am still in shock a little bit at receiving such a huge honour."
Hoy said the impact of Wiggins' victory had reverberated around the British Olympic cycling team.
He said: "The general feeling is just of sheer excitement and anticipation. It is reaching fever pitch."
He also warned Wiggins that his life will now change dramatically - that is likely to be even more the case should the 32-year-old become cycling's next knight of the realm.
"Any accolades or honours that come his way will be fully deserved," added Hoy.
"In the cycling world he's a superstar already, he's used to a lot of attention wherever he travels. In the UK that is where the real change will happen when he is walking about. I think his life will change drastically, but I think he will handle it very well, I don't see him changing and he'll be just the same Bradley we have always known.
"I've know Bradley since he was 16 and have seen him go through the ranks to be a champion in every single facet of the sport that he has participated in.
"There's a side to Bradley you don't always see, very humorous, he's a fun guy to be with, but he leads from the front, he can produce the goods."
It was cycling that propelled Britain to fourth place in the medals table in Beijing with seven golds out of the total of 19, and Hoy hopes all-round Tour de France success - three other members of the British Olympic team also won stages apart from Wiggins - has put the team into the perfect place.
"We keep mentioning golden eras, and after Beijing we thought that was as good as things could be, but to have this success in a truly global event such as the Tour de France is remarkable," he said.
"In the cycling camp things could not be going much better, training wise and morale. To see the road guys in the Tour de France performing so well and achieving historic things day by day, not just the overall win.
"Cycling has received a huge profile boost and hopefully we can continue that in Olympics.
"Hopefully it will get even more popular in the UK and we will get more people onto bikes. We could have so many positives not just for Olympics, but for the health of the nation and reducing congestion, I hope that can continue."