The £70 million pool centre of the London 2012 Games will have a dynamic S-shaped roof inspired by the flow of water.

Bid chiefs the 20,000 seat Aquatics Centre, a key venue of the proposed Olympic complex, would give the Games the "essential wow-factor".

But even if the bid failed, the centre would still be built. With London currently boasting only one 50m indoors pool, the facility is "desperately needed", says a London 2012 spokesman.

The team, winner of last year's prestigious Pritzker Architect's Prize, was chosen from almost 200 firms worldwide that submitted designs to the London Development Agency.

The first pictures of their design were released today.

Two 50m pools and a diving pool, each with a spectator arena around it, will host the speed and synchronised swimming, diving and water polo finals.

After the Games most of the 20,000 seats will be removed to create "more intimate spaces" for community use, said Keith Mills, chief executive of London 2012.

The health-and-fitness centre will be kept, while the pools could be divided into different sections to accommodate swimmers of all levels.

Lord Patrick Carter of Coles, chair of Sport England, said the design would leave a "lasting legacy for swimming" in London.

"The centre will have the ability to be used by elite swimmers, local clubs, universities, schools and most importantly of all, the local community."

Sport England donated £40 million of the construction cost. The remaining £30 million will come from the Olympic funding package agreed with government.

If all goes as planned, it would be finished within three years. The site in Stratford, east London, is already being cleared.

Mr Mills said: "This is an outstanding design that will create a spectacular building, delivering the essential wow factor for the 2012 Olympic Games and Paralympic Games."

According to London 2012, the wavy roof reflects the "meandering River Lea", which runs through the Olympic park. Situated at the entrance of the park, the centre is hoped to become a community symbol.

Lord Richard Rogers, who co-chaired the panel that chose the design, said the building's "exceptional sculptural quality" would attract visitors to east London.