The database will be used to market tickets and merchandise in the run-up to the Games in 2012.
The London Organising Committee of the Olympic Games and Paralympic Games (LOCOG) has half a million people on its database already, data captured through its website.
"It's in the early stages but data generation will be a very key driver of our new media efforts," said Alex Balfour, head of new media at LOCOG, told delegates at a PR Week conference on Tuesday. "That's because it gives us an opportunity to get closer to customers and generate revenue, especially for things like tickets and merchandise."
The success of President Obama's campaign in "taking activity online and moving it offline is a very interesting opportunity and we're looking at that closely," Balfour said. Volunteers who registered on President Obama's campaign website or signed up via Facebook were asked to organize meetings and make phone-calls urging voters to turn out.
As US election day on 4 November neared, the campaign had created a database of over three million supporters and donors.
Volunteers to the Olympic Games will carry out tasks ranging from spectator services to language services and medical care.
Speaking to Marketing Direct, Balfour ruled out buying cold data to boost the database, which is managed by the committee's IT supplier Atos Origin. "We think demand for tickets and volunteering will be high," Balfour said. "In terms of numbers it will be a case of too much rather than too little. [But] the challenge is whether we generate a database of sufficient size before we go to market with tickets".
Over seven million tickets will be available to purchase from 2011. The committee is currently looking for an integrated advertising agency for its above- and below-the-line communications to develop the creative look for the Games and work on ticket marketing.