For the Indian audience, Doordarshan will telecast live the Opening Ceremony from 1 AM IST to 4.30 AM (July 28). The Opening Ceremony's cost is put at $42million.
On Friday morning, Big Ben, the hour bell of the Palace of Westminster, chimed more than 40 times from 08:12AM - 08:15AM to ring in the Olympic Games, the official London Olympics website said.
"This was a historic occasion for one of the world's most famous bells, as it was the first time that the strike of Big Ben had been rung outside its regular schedule since 15 February 1952, when it tolled every minute for 56 strokes from 09:30AM for the funeral of King George VI."
It is every athlete's dream to win an Olympic medal. Years of hard work will be put to test in London over the next two weeks, till August 12.
The opening ceremony is titled "Isles of Wonder", inspired by William Shakespeare's play "The Tempest".
The three-hour opening ceremony will be in the hands of Oscar-winning British director, Danny Boyle at the 80,000-capacity Olympic Stadium.
More than 15,000 athletes from 204 countries will be involved in various sports at the Games.
According to Reuters news agency report, "A flying system will be installed that can lift 25 tonnes or the same as five elephants."
"12,956 props, over 100 times more than a West End musical - A million watt PA system using double the amount of speakers as on the main stage at the Glastonbury music festival. 10,000 adult volunteer performers - Volunteer performers from the National Health Service for a special sequence that celebrates Britain's healthcare system," the report added.
"900 children aged 7-9 years and 11-13 years chosen from schools in the six host boroughs engaged in the official London 2012."
Also animals will feature at the Opening Ceremony. "Real farmyard animals expected to feature in the opening ceremony include 12 horses, 3 cows, 2 goats, 10 chickens, 10 ducks, 9 geese, 70 sheep, and 3 sheep dogs," Reuters reported.
"This morning we had a meeting with London Organising Committee of the Olympic and Paralympic Games (LOCOG) and reviewed all the operational items, and I can say with pleasure that London is ready and we are eagerly waiting for the opening ceremony," International Olympic Committee (IOC) President Jacques Rogge told a press conference on Thursday.
Rogge said London was on par with Sydney (2000 Games) and Beijing (2008) in terms of readiness.
"In terms of readiness, these Games equal the readiness of Sydney and Beijing but the proof of the pudding is in the eating. Ask me the same question at the closing ceremony press conference."
There is still suspense over who will light the Olympic Flame. There are so many contenders including British football star David Beckham. We will have to wait few more hours to know who it will be. Beckham will be part of the Opening Ceremony.