The London Organising Committee of the Olympic Games (Locog) issued a tender in June 2010 for a beer partner, and is thought to have previously held talks with Young's and Fuller's, the maker of London Pride.
Heineken will supply alcohol, mainly to hospitality outlets, and will be granted marketing rights at the games.
The deal is set to be announced within the next two weeks.
It had been thought that Locog wanted to sign a commercial deal with a British drinks manufacturer.
Heineken has invested in sponsorship deals in previous Olympics. It signed a sponsorship deal with the British Olympic Association for the 2004 Athens games.
The brewer already has a considerable presence in sport sponsorship. It is a sponsor of Uefa Champions League football, and of the rugby union Heineken Cup event.
Locog has ruled out selling alcopops during next year's Olympics, over concerns that it could encourage irresponsible drinking.
Earlier this month, Heineken announced it was embarking on a fresh global marketing strategy to position it as the world's leading premium lager.
Heineken and Locog were unavailable for comment.