The city is currently home to five British Olympic and Paralympic teams, and, during the Games itself, Sheffield will also become the training ground for at least three international teams.
Sheffield Council’s cabinet member for culture, sport and tourism, Coun Roger Davison, said: “Hosting world-class sporting teams is nothing new for Sheffield.
“We are also working hard to bring international training camps into the city, and have confirmed USA diving, Brazilian judo and a whole raft of Serbian teams.
“There are another eight teams or Olympic committees considering Sheffield and we expect to make more exciting announcements about visiting teams over the coming months.
“The estimated economic benefit to the city of hosting these confirmed international teams runs to approximately £285,000.
“If you add the economic benefit of hosting the Great Britain teams then the benefit to the economy runs into the millions – not to mention the fantastic inspiration that hosting sportspeople of this calibre gives to young people and all Sheffielders.”
Steve Brailey, the chief executive of Sheffield International Venues which operates facilities including Ponds Forge and the English Institute of Sport, added: “We are delighted to be playing a significant role in the development of so many British sportsmen and sportswomen for the 2012 Games and look forward to them fulfilling their Olympic dreams.”