The Olympic Cauldron, Raspberry Pi and Microsoft's Windows Phone 8 are battling to be named the Design of the Year.
James Heatherwick's design, made up of 204 copper petals, was lit by seven young athletes during the opening ceremony of the 2012 Games and formed the centrepiece of the Olympic Stadium before being dismantled, with each competing country taking a petal home.
It is one of 90 nominations for the award, which is run by the Design Museum.
The museum, in Shad Thames, shortlists designs in seven different categories including architecture, transport and fashion before declaring an overall winner.
The cauldron, which was 8.5 metres high and weighed in at 16 tonnes, is shortlisted for the best product of the year along with the liquiglide ketchup bottle, which was treated with an edible super-slippery substance to stop sauce getting stuck.
London's tallest skyscraper The Shard, which opens to the public next month, has been shortlisted for the architecture award along with Belfast's Metropolitan Arts Centre and the revival of Astley Castle, which has seen modern apartments built within the walls of a ruined medieval fortress in Warwickshire.
The affordable Raspberry Pi computer, created by scientists at the University of Cambridge, is shortlisted for the digital award alongside Microsoft's Windows Phone 8.
An exhibition of the shortlisted designs is at the museum from 20 March with the overall winner announced in April.
Last year's award was won by the designers of the London 2012 Olympic Torch.