The 2013 London Grand Prix will be held in the Olympic Stadium on the anniversary weekend of the opening ceremony of the London 2012 Games.
Olympic heptathlon champion Jessica Ennis is among those hoping to take part on 27 July at the £429million venue.
The London Grand Prix is traditionally held at Crystal Palace.
It takes part two weeks before the World Athletics Championships in Moscow, which start on 10 August.
"Hopefully I will be there and using the competition as part of my preparation for the World Championships," said Ennis.
"It will give athletes and fans who did not get to experience the amazing venue the chance to go there, and for those of us who had the most incredible experiences on the track and field, an opportunity to re-live a few memories."
West Ham United were named in December as the preferred bidders to take over the Olympic Stadium, which is not expected to fully reopen until August 2015.
But the London Legacy Development Corporation (LLDC) - the body responsible for the Park's redevelopment - indicated earlier this month that it is keen to use the stadium again to mark the anniversary.
"The atmosphere was electric during the Games," said Farah.
"I'll never forget it, so it's great that the British fans, and athletes, will get to experience that again so soon after the Games. It'll be perfect preparation for the World Championships in August."
Boris Johnson, mayor of London and chairman of the LLDC, also welcomed the news.
"What better way to mark the anniversary of the tremendous London 2012 opening ceremony than to see this stadium packed again as the world's top athletes compete in this unique series," he said.
Fans who have already bought tickets for the Crystal Palace event on 27 July will be refunded and will get the first opportunity to buy tickets for the event at the Olympic Park.