"The total cost of hosting the 2012 Olympics in London could be as much as £9 billion.
The Treasury and the Department for Culture, Media and Sport are allegedly considering the figure, according to a report.
It is almost four times the initial £2.35billion estimate used in London's bid.
Last November, Culture Secretary Tessa Jowell admitted in parliament the costs were set to rise to £3.3billion. But that could be the amount for the construction alone, the report claims.
It is also alleged that a £2billion construction contingency fund will be set aside, with regeneration costs (£1.8billion), VAT (£1billion) and security (£900million) taking the final outlay even higher.
The Shadow Culture Secretary, Hugo Swire MP, said: 'There is no doubt that there will be real worries across the country about the huge increase in costs.
'It is time we got a proper explanation from (Chancellor) Gordon Brown on what has gone on and assurances as to what the government is doing to control the ever-increasing budget.'"
I, personally, am thinking that there are much better ways of spending £9bn.
So if they are now saying £9bn how much does that mean in New Labourspeak? If £2bn equates to £9bn then I shudder to think. No wonder they are trying to think of new and interesting ways of taxing us.
And I doubt very much that way up here just outside Edinburgh we will have any of the benefit they are quacking about. Already small charities might have to close due to the lottery fund giving everything to the Olympics. I would say that is now a certainty.
Still sod the disabled kids and homeless eh, this is Blair's party and they are not invited. I know who I'd rather had that lottery money.