Plans for a permanent new sculpture in London’s Olympic Park were revealed last week.

The sculpture consists of three 9-metre tall letters, spelling out the word “RUN”, made of glass and stainless steel.

Designed by the internationally-renowned artist Monica Bonvicini, the letters will produce a mirrored effect that’ll change depending on the light and time of the day.

• During daylight, the letters will act as a mirror for visitors and their surroundings
• At night, the letters will become more transparent and glow with internal LED lighting

Sarah Weir, Head of Art and Cultural Strategy at the Olympic Delivery Authority, said, “We wanted to commission a new and innovative piece of public art that would animate the plaza and be fitting for both the Games and the legacy of the Park.

“A number of renowned artists were shortlisted for this commission but Monica’s proposal was chosen by an independent and expert panel because it fulfilled all the ambitions for this key location within the Olympic Park. The sculpture is unique and ambitious but will be relevant and fitting – we hope it will help illuminate this part of the Olympic Park for many years to come.”

The sculpture will be constructed on the plaza of the Handball Arena in the Olympic Park.

London’s got plenty of outdoor sculpture for you to hunt out and enjoy. Here’s our guide to London’s Street Art to get you started.

If you love street art, good causes and animals, you’re in for a treat this summer.

From May to June, London will see an innovative fundraising campaign take to the streets in the form of an Elephant Parade.

Two hundred and fifty life-sized baby elephants will take to the streets of our capital, all hand-painted by an assortment of artists and designers.

Artists taking part include:

• Marc Quinn
• Diane Von Furstenberg
• Alice Temperley
• Lulu Guinness
• Julien Macdonald
• John Rocha
• Jack Vettriano

After being displayed in all their finery at various London attractions, the elephants will then head to one of London’s great green spaces together as an exhibition. They’ll then be auctioned off to (very careful!) new owners at Sotheby’s in July. The auction aims to raise more than £1m: the money goes to 15 UK conservation charities working in Asia.

I chatted to a very cheery Lulu Guinness at the launch this morning. She’s very passionate about the cause, and seemed to have had a ball creating the design for her elephant.

“At first, I’d her in these kisses, but it ended up looking like it had chicken pox or something,” she told me. “So it was back to carefully placing the blots; it needed to be kept simple. I hope people walk all the way around it, to get the full effect of the sculpture. I want people to think she’s been smothered in kisses, like a form of adoration.”

I asked Lulu if she minded which part of London her elephant went to. “Not at all. I’m not that complex! I’ve recently had a pop-up shop in Carnaby, and I think the people there have requested my elephant for Carnaby Street, which is lovely. I think she’ll be great there.”

Look out for Lulu’s elephant, plus 249 others dotted around London come May! Check out more Elephant Parade launch photos on flickr.

This month, art is bursting out of London’s galleries and onto the streets.

Top street artists have produced outdoor billboards, murals and sculptures as part of Lazarides‘ new show, Grifters.

You can see their work at Great Western Studios, Shoreditch House, Paul Smith’s offices (at 20 Kean Street, WC2) and many other locations across London.

If you spot one of the works, let us know, or add your photos to the Visit London Flickr pool.

For four days only, an inflatable replica of Jeff Koons’ metre-high Rabbit sculpture will be floating inside the Market Building.

Koons created the large-scale silver balloon for Macy’s Thanksgiving Day Parade 2007 in New York and it is in Covent Garden exclusively to celebrate the opening of Tate Modern’s new exhibition Pop Life: Art in Material World which runs until 17 January.

Don’t forget, Covent Garden is also the epicentre of London Restaurant Festival, with lots of foodie events taking place over the next week.