Over 25,000 people have signed the petition to have the logo, which was developed at a cost of £400,000, changed to something more suitable.
The pink and yellow logo uses a specially developed font, 2012 bold, for lettering and will also be animated.
"I feel it is an embarrassment and portrays our country in the worst possible way," said Jonathan Ellis, who started the petition.
"The original London 2012 Logo was better by far. We need a new logo now, or at least a return to the old one!
"I am proud and excited about the Olympics coming to London, and the UK, and it is for this very reason that we need to get this terrible logo dropped as soon as possible."
The petition was set up shortly after the logo was announced to the press and has pulled in huge numbers of people in just a single day, including one person who claims to be the designer's brother.
"The new emblem is dynamic, modern and flexible. It will work with new technology and across traditional and new media networks," said the sporting event's organisers.
"It will become London 2012's visual icon, instantly recognisable among all age groups, all around the world."
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