The driver, in his mid-60s, was arrested at the scene on suspicion of causing death by dangerous driving, following the incident late on Wednesday.
An AFP reporter saw a man’s legs protruding from under the double-decker bus on a Games lane slip road leading from the park. The man’s mangled racing bicycle lay nearby.
The cyclist, a man aged 28, was pronounced dead at the scene.
The incident happened just outside the perimeter of the Olympic Park behind the Riverbank Arena, where a men’s hockey match between Pakistan and Argentina was taking place.
The shuttle buses ferry the thousands of journalists covering the Games between the Olympic Park in Stratford, east London, and hotels in the city centre.