The Big Lottery Fund is expected to launch a £40m trust in 2014 to build on the Olympic volunteering legacy.
Peter Ainsworth, UK chair of the BLF, told a Sunday newspaper that he wanted the funder to use the proceeds it will receive from the Olympic Village sale to encourage volunteering and community action.
"There has been a lot of talk about securing an Olympic legacy, but no one has come forward with a firm proposal to fund a community legacy for the UK; one that builds on the spirit and energy we saw among volunteers and in our communities during the Olympics and Paralympics," he said.
"I’d like to see the Big Lottery Fund commit all the funds it will receive from the sale of the Olympic Village – some £40m – to set up a trust dedicated to securing this legacy across the whole of the UK.
Ainsworth hopes that other organisations could be persuaded to contribute another £40m to the fund.
"Such a trust could build on the enthusiasm, commitment and organisation of Olympic and Paralympic volunteers to capture and extend that positive community spirit right through to the Glasgow Commonwealth Games in 2014 and beyond," he said.
"It would help communities take forward and build on what they experienced during the summer of 2012."
The proposal would need to be approved by the BLF board, but it is expected to be given the green light.
Distribution of funds from the sale of the Olympic Village is expected to be concluded by 2014, far sooner than the rest of park, which the government said might not be complete until 2030.