London Mayor Boris Johnson is planning a £15m tower for the Olympic Park in Stratford.

Reports suggest that the structure would be funded by steel magnate Lakshmi Mittal and built in time for the 2012 Games.

A 138m pylon structure known as the crimsom tower is understood to be one of the contenders.

Five artists are competing to design the monument including former Turner prize winner Anish Kapoor, Paul Fryer and Antony Gormley, who designed the Angel of the North.

A spokeswoman said: "The Mayor is keen to see stunning, ambitious, world class art in the Olympic Park and has been working with the Olympic Delivery Agency (ODA) over many months to explore a series of commissioning projects."