Journalists could end up using the former Canary Wharf offices of Lehman Brothers as a press centre during the 2012 Olympic Games, it is understood.

Sources close to the development of the £400m media centre said this week that the Olympic Delivery Authority (ODA) was considering using vacant offices in Canary Wharf to replace parts of the scheme to further cut costs.

The news follows the admission two weeks ago by David Higgins, the ODA’s chief executive, that he was considering alternative sites for the press facilities. The ODA says the development consortium made up of Igloo and Carillion has been unable to raise its £180m share of costs.

A source said: “There has been consideration of vacant floorspace in Canary Wharf caused by the credit crunch.”