Barr, Buckingham Group, Byrne Group, Mansell Construction Services and Verry Construction have been shortlisted for the job.

Designed by Make Architects with PTW and Ove Arup, the arena will host handball and pentathlete aspects of fencing and shooting during the Olympics, plus goalball during the Paralympics.

The ODA said it hoped to appoint a successful bidder by spring 2009 with work to start on site next summer.

ODA chief executive David Higgins said: “This is a quality shortlist for one of the last remaining opportunities to build a permanent Olympic Park venue.

“The handball arena is an important venue both for spectators and athletes during the Olympic and Paralympic Games and the local community and sports teams in legacy.

“After the Games the venue will cater for indoor sports ranging from basketball and handball and gymnastics boosting the sporting facilities provided across the Olympic Park.”

Recently the local community, sporting groups from across the Host Olympic Boroughs and the rest of London, young people and technical specialists have all provided input into the designs at a number of ODA consultation events ahead of the planning application being submitted.

Jules Pipe, the Mayor of Hackney, said: “This new multi-sports arena is a major opportunity to develop a world class facility for Hackney residents as part of the legacy of the London 2012 Games.

"This will contribute to the Council’s continuing investment in sports and leisure facilities to offer all our residents access to healthier lifestyles.

"We are working with the Olympic Delivery Authority and partners to ensure the venue is developed with the long-term legacy as a priority.”