The transformation will include two new campuses for University College London (UCL) and University of the Arts, new locations for the Victoria and Albert Museum and Sadler's Wells.
It will create 3,000 jobs, 1.5m additional visitors and bring an extra £2.8bn into Stratford and the surrounding area.
Boris Johnson, Mayor of London, said:
Olympicopolis will create a world class centre for arts and education on Queen Elizabeth Olympic Park, which will generate millions of pounds for East London’s economy and support thousands of jobs.
It is absolutely fantastic that the Government has confirmed funding for this ambitious project to the tune of £141m, enabling us to progress with detailed plans for its delivery.
This is an important milestone in our plans to realise a legacy from London’s 2012 Games that reaps economic and social dividends to last for generations to come
"Olympicopolis" was inspired by Prince Albert, husband of Queen Victoria, who created an "Albertopolis". The area has a number of educational sites including the Imperial College London, Natural History Museum and the Science Museum.
The plans were detailed in the National Infrastructure Plan, which is part of tomorrow's Autumn Statement.
It also includes a series of housing and transportation measures which will help accommodate the city's growing population.
Other measures include an extension of the London Overground to Barking Riverside, the regeneration of four major housing estates and additional support for the Crossrail 2 scheme.