The event will be a nod to the Ancient Greek tradition of the agora - a public space which became the focal point of life in a city.

It will be held in Tokyo between April 24 and August 16 with the International Olympic Committee (IOC) leading the project.

Organisation will be carried out by the Olympic Foundation for Culture and Heritage while real estate company Mitsui Fudosan has signed-up as official partner.

A range of activities and events have been promised, in a "fun and festive" atmosphere.

This will include an opening exhibition dedicated to Olympic art and culture at Mitsui Memorial Museum.

Torches and medals from previous Games will also be on show while Olympians with "hidden talents" will show off their "creative projects".

Renowned artists and public installations are hoped to attract a "global audience" while the Agora will be decorated with "Olympic Welcome" banners.

Establishing an Agora falls under a recommendation made in the IOC's Agenda 2020, the organisation's blueprint for the future of the Olympic Movement.

This called for sport and culture to come closer together.

"It will be a unique destination, offering fresh perspectives on the Olympic values through an exciting variety of artistic, cultural and educational activities and exhibitions before, during and after the Olympic Games taking place in Tokyo this summer," the IOC said.

"Here, the Olympic Movement's link between sport and culture will be on bright display, showcasing the worldwide cultural and social impact of the Olympic Games.

"This colourful destination will encourage intercultural dialogue, bringing Japan and the world together in both a physical space and the digital realm through social media."

Angelita Teo, the director of the Olympic Foundation for Culture and Heritage, added: "With these innovative artistic, cultural and educational programmes and installations, we can spread the Olympic Movement's vision to build a better world by celebrating how sport brings us together."

An agora in Ancient Greece, where the Olympics originated, would be used for activities such as buying and selling, eating, drinking and singing.

Masanobu Komoda, the President and chief executive of Mitsui Fudosan, said: "Imagine a Nihonbashi where people from all corners of the world gather, interact and share future-oriented values with the world. 

"We're looking to create a neighbourhood that sparks this kind of innovation. 

"We are therefore very pleased that Nihonbashi will hold the world's first Olympic Agora and are truly honoured to contribute to this exceptional project as the official partner. 

"The event will showcase the culture, history, education and values of the Olympics, and promote the integration of sports and culture - a vital element of the Olympic Movement. 

"With excitement about the Tokyo 2020 Games building each passing day, I hope many visitors from across the globe will visit Nihonbashi and experience the Olympic spirit."

The full schedule for the Olympic Agora can be found here.