The Football Association are to investigate as a matter of "urgency'" how Great Britain can enter both men's and women's teams in the 2012 London Olympics.
International Olympic Committee president Jacques Rogge announced the capital as the winning bid at lunchtime on Wednesday - a surprise result as Paris had been an odds-on favourite.
The Olympics have not been staged in Britain since 1948, and a newly rebuilt Wembley - scheduled to be completed in time for the FA Cup final in 2006 - is set to play host to the finals of the football tournament.
Britain do not currently field a united team at the Olympics, as it is felt that would jeopardise the independent status of the English, Welsh, Scottish and Northern Irish football associations.
FIFA president Sepp Blatter is, however, agreeable to examining the possibility of making an exception for the London Games, with the onus now on the home nations to come up with a workable solution to the thorny issue.
David Davies, the FA's executive director, represents English, Irish, Welsh and Northern Irish interests on the British Olympic Committee, and he revealed there would soon be talks as to how to move things forward following London's stunning victory.
However, the Scottish Football Association have insisted they would resist the creation of a Great Britain team for the 2012 London Olympics.
The governing body have supported the bid itself but was adamant that a GB team would erode Scotland's status as an independent footballing nation.
The Scots, along with Wales and Northern Ireland, have held independent status since the 19th century and are keen to protect it as much as possible.
As a result, the Scots made it clear they wanted no part in plans to create a team for the 2012 games.
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