The London-based outfit has mooted the idea to the Organising Committee and the Department for Culture, Media and Sport (DCMS) as an alternative way of funding the project.

The Government and Olympic Delivery Authority (ODA) revealed this week it had shelved plans for the £7 million ($11 million) design after they were told to find £20 million ($32 million) of savings in the Comprehensive Spending Review last month.

Sports and Olympic Minister Hugh Robertson justified the controversial move by claiming "the wrap was only beneficial for the look of the stadium and not operationally essential", but Absolute Radio have proposed their idea to save the wrap.

The station has requested the 700,000 Facebook profile pictures - each measuring 19cm by 13cm and contributed via a Facebook application built by Absolute - be put on the wrap.

They have also said each of the individuals featured should be charged £10 ($16) to cover the costs of building the feature.

Absolute presenter and former England footballer Ian Wright said: "The Olympics are the most iconic sporting event in the world and securing the London 2012 Games is one of our finest achievements.

"It's important that our stadium reflects our country and the people within it."

A spokesman for Absolute added: "We hope the Brits on the stadium will become a physical part of the legacy of the 2012 Olympics throughout the Games."

The decision to scrap plans for a wrap has been criticised by a number of high-profile individuals including one of the senior architects behind the stadium, Rod Sheard, who said the limited cost benefits would be outweighed by the diminishing of the stadium's image and wind protection.

Sheard said: "What people don't realise is the considerable quantity of very functional conduits, cables, trunking and general services that will be added to this highly visible space closer to the Games and which will all be exposed if the wrap isn't built."

An ODA spokesman told insidethegames: "We have not ruled out having a wrap in the future if alternative and practical sources of funding can be found.

"This process is ongoing."

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November 2010: Final cost of London 2012 revised down £29 million as plans for Olympic Stadium wrap shelved