The final product will be used to kick-off the Summer Games in London. Filming was reportedly undertaken at the request of Queen Elizabeth II.
Danny Boyle ("Slumdog Millionaire") directed the mini-movie, which will see 007 receiving his assignment in the queen's private rooms. (Prince Philip must be so jealous!)
The video will also reportedly feature Bond parachuting into the Olympic stadium in Stratford, East London.
Julia McKenzie, who plays Miss Marple in a popular show on British television, will also appear in the film, but there's no word yet on whether Judi Dench's acidic M will make a cameo.
A spokeswoman for MGM, the studio behind the Bond films, did not immediately respond to request for comment. A spokeswoman for the queen told TheWrap that she could not comment on any filming that takes place at the palace.