Titled 'A Symphony of British Music', the event will also see athletes form a mosh pit in front of the stage.
Lord Coe urged the nation to "party, party, party" ahead of the celebration, scheduled to run for two hours and 45 minutes with sounds from Elgar as well as The Kinks' 'Waterloo Sunset.
It has also been confirmed that a total of 3,500 performers will appear at Sunday's ceremony.
Artistic director Kim Gavin said: "We want it to be the best after-show party there has ever been.
"I want it to be a celebration, I want people to have fun and I want it to be colourful. To remind you of certain eras of music collected over 50 years, but not only popular music, fashion, culture."
The BBC's London 2012 Twitter account posted at midday: "Organisers reveal the Olympics closing ceremony is called 'Symphony of British Music' and celebrates the last 50 years of Britpop.
"The closing ceremony will see athletes come into the Stadium and form a mosh pit and 3,500 performers will take part.
"It is about British creativity in the arts. There is a hell of a lot of talent and music and a hell of a lot of show in the show."
Gavin added that the lineup has not yet been finalised.
The Spice Girls, Muse, Ed Sheeran and George Michael are confirmed to be appearing, while Take That are expected to take part despite Gary Barlow's recent baby loss.
The Who, Kate Bush and One Direction, Annie Lennox, Queen guitarist Brian May, the Pet Shop Boys, Jessie J and Monty Python member Eric Idle are also expected to be involved in some way.
