Martin announced last month he would auction the medal to help Ukrainian children impacted by Russia’s invasion, with funds being used by the organisation RTL Wir Helfen Kindern - "RTL we help children".

The foundation says it will help provide further evacuations, transport of clean drinking water and psychological support to children who have been traumatised with the funds.

FitLine were confirmed as the winners of the auction with a bid of €31,100 (£26,000/$33,800), before telling Martin they would round up the figure to €35,000 (£29,200/$38,000).

The company confirmed it would return the medal to Martin.

"I have no words," Martin wrote on Instagram.

"Not only has @fitline_officialpage - the highest bidder on my Olympic silver medal - rounded the donation to a total of 35.000 Euro, the GM Sports Torsten Weber also returned the Olympic medal back to me!

"Even though I was absolutely fine with donating it, this massive generous gesture makes me speechless.

"I really want to thank @fitline_officialpage for the big support of my charity project and also for giving me back the chance to show my Olympic silver medal to my grandchildren one day."

Martin said he hoped the auction sent out a strong signal of support to Ukraine.

The retired cyclist expressed hope peace would return to Ukraine very soon.

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A post shared by Tony Martin (@tonymartin_procyclist)

Fitline general manager of sports, Torsten Weber, praised Martin for his effort to make a difference to children in Ukraine.

"We have the greatest respect for Tony’s selfless commitment," Weber said.

"Also, we at FitLine are passionate about sports.

"We know how much heart and soul went into Tony’s medal from London 2012.

"Can you imagine his face when we told him we're rounding our contribution to 35,000 Euros and also give the medal back to him?

"Because that's where it belongs."

"Thank you again Tony, for making a difference for the children!"

FitLine are an official supplier of the German Cycling Federation, as well as the national athletics, ice hockey and ski federations.

Martin had described the Olympic silver medal as the biggest trophy of his career when he decided to begin the auction.

He finished as the runner-up in the men’s individual time trial event at London 2012, splitting Britain’s Bradley Wiggins and Chris Froome on the podium.

Martin retired from cycling at the end of last season following a successful career.

He was crowned world time trial champion on four occasions and won the mixed team relay event in his final race last year.

Martin won three team time trial World Championship gold medals, 11 national time trial titles, as well as six stage wins at the Tour de France.

His career also included victory at Paris-Nice and two stage wins at the Vuelta a España.