The conference centre told C&IT that it expects to announce firm plans within the next two weeks for a 250-room, four-star property that will be connected to the venue via a walkway.
ICC London Excel directors are optimistic that the plan will be rubber-stamped next week at a meeting with conference centre owners Abu Dhabi National Exhibitions Company (ADNEC).
Construction work could begin next year, with the hotel potentially opening as early as December 2011.
The hotel would complement the newly-upgraded international conference centre, which is due to open on 1 May 2010 following a £165m investment.
During a press conference at EIBTM in Barcelona yesterday, the development of ICC London Excel was hailed by Visit London and the Office of the Mayor of London as a significant step towards improving the city´s business tourism offer.
London´s 19th place in the ICCA rankings is privately seen as an embarrassment and an improved position will be targeted.