Loughborough University sports directors are heading to China and America to try to persuade their Olympic teams to use the campus as a training camp for the 2012 games.
They are renewing efforts to secure a major foreign squad's stay in the town after the university's bid to host Britain's elite sportsmen and women failed.
The British Olympic Association (BOA) selected the army barracks town of Aldershot over Loughborough as its training camp.
Chris Earle, the university's director of sport, said he now wanted to focus on courting the Chinese and Americans. Delegates from both nations have already toured the campus and held initial negotiations.
Mr Earle said: "Yes, we were flabbergasted about the decision. It's a blow because Team GB was our main priority.
"We thought here would be the best place for our top athletes to prepare as they look to make their mark on the medals table in London.
"We still do, but it's done now. We move on and our focus will be on getting what's best for the university, town and the region. That would be to secure a top Olympic squad for Loughborough. While there was the chance of getting Team GB, we were not able to get an agreement with another nation. Now, we no longer have that restriction."
Mr Earle will fly to Beijing, the Chinese capital, later this month and then to Colorado, America, for discussions in April.
He said: "We talked with them about a programme that would allow kids from local schools and other members of the public to watch training sessions. Both countries were enthusiastic.
"I don't think it gets more exciting than having the opportunity to watch the best sportsmen and women in the world.
"Tickets for the games will be rare, so this could be the closest a kid from Loughborough gets to the Olympics."
It is unlikely that rivals China and America would both be based in Loughborough at the same time, but the university could accommodate either of the squads and another smaller nation. Canada and Pakistan have expressed interest.
Aldershot was chosen partly because of the safety the barracks would offer athletes, but Mr Earle said the Americans, a potential terrorist target, were not worried by the university's security proposals.
He said: "The Americans attitude was: first - find the best place for the athletes. Second - send in the CIA and the FBI to make ensure it is safe.
"That's what they are doing currently with their training camp at the Beijing Open University, which is a public campus like ours."
About one third of the 2012 Team GB squad are expected to be based in Loughborough in the next four years. The BOA will offer them the choice to remain there instead of going to Aldershot, to avoid disruption in the four weeks before the games.
Loughborough MP Andy Reed said: "I think we are actually going to get the best of both worlds. Most top British athletes are already here and they quietly go about their training without the public getting too excited.
"To get elite foreign athletes would be a novelty that would generate huge interest and tourism as well as a true international Olympic feel and sense of occasion."