—Another Olympic great, nine-time long-distance running gold medalist Paavo Nurmi of Finland, lit one of the two cauldrons in Helsinki in 1952.
Symbolism also has been an important element over the years.
In 1976, two teenagers, a boy and a girl, representing English- and French-speaking Canada, were chosen to light the flame for the Montreal Games.
The final torchbearer at the 1964 Tokyo Olympics was Yoshinori Sakai, who was born on the day the atom bomb was dropped on his native Hiroshima in 1945.
The first woman to light the flame? Sprinter Norma Enriqueta Basilio de Sotelo at the 1968 Mexico City Olympics.
The youngest? Francois Cyril Grange, who was 7, when he joined French soccer great Michel Platini to ignite the cauldron at the 1992 Winter Games in Albertville.
More recently, Chinese gymnast Li Ning "ran" around the top portion of the stadium while suspended by wires before lighting the flame in Beijing four years ago.
At the 2010 Vancouver Winter Games, two separate lightings were held — one at the indoor opening ceremony and a second outdoors. Wayne Gretzky, Steve Nash, Nancy Greene and Catriona Le May Doan were torch bearers.
And when the Olympics were held in London in 1948?
While many had expected that miler Sydney Wooderson or even the young Prince Phillip would be the final torchbearer, it was a little-known 22-year-old medical student named John Mark who carried the flame.
"He was chosen to represent youth and vitality because of his good looks and had practiced for weeks running with his right arm held vertical," said Janie Hampton, author of "The Austerity Olympics — When the Games to London in 1948."
Now, 64 years later, Redgrave is the overwhelming betting favorite — 1-2 with Ladbrokes and 8-13 with William Hill.
Britain's most decorated Olympian, Redgrave won gold medals at five consecutive games from 1984 to 2000 and was knighted by the queen in 2001.
"It's hard to argue with Redgrave. He has been odds-on from day one," Ladbrokes spokeswoman Jessica Bridge said.
Though he's a household name in Britain, Redgrave may not resonate with an international audience. He's also a low-key personality.
"I don't think most Americans ever heard of him," Wallechinsky said.
Second favorite with the bookies is Holmes, winner of the 800 and 1,500 meters at the 2004 Athens Olympics. She's 7-1 with Ladbrokes and 5-1 with William Hill.
Teenage diver — and leading medal hope — Daley is also at 7-1 with Ladbrokes, followed by four-time cycling gold medalist Chris Hoy, former decathlon champion Thompson and Coe, who in addition to being a gold medal winner is now head of the London Olympic organizing committee. Beckham and the queen are at 25-1.
Thompson, who won the decathlon at the 1980 and 1984 Olympics, is a colorful and sometimes irreverent figure. Coe gave him a plug last year, telling the Daily Telegraph: "I genuinely believe he is the greatest Olympian we have delivered."
Coe downplays his own chances.
"I've made it very clear I have massive duties around the times of the games," he told the AP on Thursday.
A strong case could be made for Bannister, the first man to break the 4-minute barrier for the mile. Bannister ran in the 1952 Helsinki Olympics, finishing a disappointing fourth in the 1,500 meters. Two years later, he ran the magic time that still stands as one of the greatest sporting achievements of the 20th century. Bannister turns 83 in March.
"If there's some real icon in British sport, if it were Roger Bannister or someone like that, it could be spectacular," Pound said.
Some or all of the top contenders could be involved in the final legs of the torch relay.
There also could be a surprise flame-lighter: Perhaps a young athlete from one of the poor boroughs surrounding the Olympic Park, representing the hopes of a generation.
Hampton, the author, has a more glamorous choice — Kate Middleton, the new wife of Prince William.
"My prediction for the 2012 Games is that the final torch bearer will be the Duchess of Cambridge, wearing a slinky see-through lace frock," she said. "She is popular, beautiful and can presumably run once round a stadium with one arm in the air."
Associated Press Writers Danica Kirka in London and Pan Pylas in Davos, Switzerland, contributed to this report.
Follow Stephen Wilson on Twitter at http://twitter.com/stevewilsonap
- BYU basketball: NBA draft insiders weigh in...
- Live streams: 5A & 4A state baseball...
- Morning links: BYU gets a new commitment;...
- Sen. Orrin Hatch calls HBO story on dietary...
- High school baseball: Walker leads Pleasant...
- High school boys soccer: Freshman lifts...
- High school boys basketball: Lone Peak hires...
- Morning links: SI features Frank Jackson;...
- Doug Robinson: BYU football may be... 119
- Mike Sorensen: Utah, BYU not getting a... 89
- Guest commentary: Want national... 66
- Utah Utes coaches tailor weekly... 54
- BYU's Taysom Hill, Utah's Devontae... 45
- Morning links: BYU has a shot to snap... 39
- Morning links: BYU gets a new... 29
- BYU basketball: NBA draft insiders... 26