Sir Menzies, who held the British 100m record from 1967 to 1974 with a personal best of 10.2sec, will be joined by Lib Dem MP Don Foster on the Board.
The Olympic Board provides oversight of the entire London 2012 Games project.
Commenting Sir Menzies said:
“I am delighted to be associated with the forthcoming Olympic Games in London. Not only will it be a magnificent sporting occasion but it is an excellent opportunity to inspire the athletes of the future. I am very much looking forward to playing my part in making these Olympic games a success.”