Cyclist Chris Hoy is to be made a knight for his Olympic heroics while every British gold medallist from the Beijing Games is rewarded in the New Year Honours.
In a move that breaks with tradition, Hoy will be knighted while still competing and will take part in London 2012 as Sir Chris.
The 32-year-old Scot told PA Sport: "To become a knight from riding your bike, it's mad.
"But it is, genuinely, just an amazing honour, it's also great for the sport."
Hoy was one of 10 Olympic cyclists to be honoured, while a number of Olympic coaches and officials were also recognised.
Reading FC chairman John Madejski is also knighted, for charitable services, and Lewis Hamilton receives an MBE after becoming the youngest ever Formula One world champion but otherwise the list is dominated by Olympians, Paralympians and their coaches.
Rebecca Adlington, the 19-year-old swimmer who won two Olympic golds - the first British woman to win an Olympic swimming gold for 48 years - receives an OBE.
Swimmer Eleanor Simmonds, who was just 13 when she won two Paralympic events in Beijing, becomes the youngest-ever recipient of an MBE.
Sailor Ben Ainslie, who has won three golds and a silver at the last four Olympics, is made a CBE, as is cycling's performance director David Brailsford, and Bradley Wiggins, who won two golds in Beijing to follow his gold, silver and bronze in Athens.
Other CBEs go to Paralympic swimmer David Roberts, who equalled Tanni Grey-Thompson's record of 11 Paralympic golds, rider Lee Pearson who won three equestrian Paralympic golds, and David Tanner, the performance director of GB Rowing.
British New Year's Honours List
KNIGHTHOODS
Chris Hoy, cyclist, for services to sport. Salford, Lancashire.
John Madejski, for charitable services. Reading, Berkshire.
COMMANDERS OF THE ORDER OF THE BRITISH EMPIRE
Ben Ainslie, sailor, for services to sport. Helston, Cornwall.
David Brailsford, performance director, British Cycling, for services to sport. Ilkestone, Derbyshire.
Lee Pearson, for services to equestrianism and disabled sport. Leek, Staffordshire.
David Roberts, swimmer, services to disabled sport. Pontypridd.
David Tanner, performance director, GB Rowing Team, for services to sport. Middlesex.
Bradley Wiggins, cyclist, for services to sport. Chorley, Lancashire.
OFFICERS OF THE ORDER OF THE BRITISH EMPIRE
Rebecca Adlington, swimmer, for services to sport. Mansfield, Nottinghamshire.
Sarah Ayton, sailor, for services to sport. Weymouth, Dorset.
Cheryl Danson, chair England Netball, for services to sport. Luton, Bedfordshire.
Ellen Hunter, cycling pilot guide, for services to disabled sport. Bodmin, Cornwall.
Rhydian James Morgan-Jones, for services to the horseracing industry. Stow on the Wold, Gloucestershire.
Darren Kenny, cyclist, for services to disabled sport. Verwood, Dorset.
Sascha Kindred, swimmer, for services to disabled sport. Credenhill, Herefordshire.
Philip Lane, chief executive Paralympics GB, for services to sport. Leigh on Sea, Essex.
Brian McCargo, for services to sport and to the Special Olympics in Northern Ireland. Belfast.
Aileen McGlynn, cyclist, for services to disabled sport. Glasgow.
Stephen Park, manager, British Olympic Sailing Team, for services to sport. Fareham, Hampshire.
Iain Percy, sailor, for services to sport. Winchester, Hampshire.
Timothy Reddish, national performance director for disability swimming, for services to sport. Western Boulevard, Nottinghamshire.
Sarah Storey, cyclist, for services to disabled sport. Cheshire.
Peter Warburton, director of sport, University of Durham, for services to higher education and sport. Durham.
Sarah Webb, sailor, for services to sport. London.
Stephen Williams, rower, for services to sport. Henley-on-Thames.
MEMBERS OF THE ORDER OF THE BRITISH EMPIRE
Harold Alderman, boxing historian, for services to sporting heritage. Canterbury.
Robert Bloomfield, for voluntary service to rugby union in Northern Ireland.