The charity will run a £500,000 pilot project for its Doorstep Sport Clubs initiative, which aims to ensure that facilities are available close to home.
The pilot will run between September and March. If that is successful, it will receive £20m from Sport England that will go towards creating 1,000 new sports clubs, the charity said.
Jane Ashworth, chief executive of StreetGames, said: "The Olympics is our one and only opportunity to ensure a true sporting legacy is established for young people in this country.
"They are hungry for sport, and the additional funding from Sport England will ensure that those most in need are not left behind and benefit from our Doorstep Sport Clubs programme, an initiative that is proven to generate results and make a real difference in the communities they serve."