Hamilton is hoping for a double celebration in a week's time.
The day after the British Grand Prix at Silverstone on Sunday when Hamilton will be aiming for his second victory at the Northamptonshire circuit, he will carry the Olympic torch.
Hamilton was initially asked to do so through his old hometown of Stevenage where he was born and raised.
However, those plans had to be shelved when it was realised the day the torch visits the Hertfordshire town on July 8 he will be otherwise engaged competing in the race.
Organisers and Hamilton have agreed he will run on Monday when the torch makes its way from Luton to Oxford, via Milton Keynes and Buckingham, close to Silverstone.
About being one of the 8,000 torchbearers, Hamilton said: "It will be an incredibly proud moment.
"I'm so honoured to have been asked to do it. Never in a million years did I think I'd get to do something so cool.''
Hamilton, who currently resides in Monaco, added: "I've no idea at this stage where I'll be running, but to be selected to do my bit is a real privilege."