Thrill seekers will hit speeds of 15mph during their descent down the 178 metre slide which is expected to last about 40 seconds per ride.
It is anticipated that the slide will be installed by spring 2016.
A statement from the park owners said: “The enclosed steel tube will wind its way in and out of the lattice work of the ArcelorMittal Orbit, twisting down to the ground as an alternative to the staircase.”
The slide will start at the 80m point and spiral around the tower five times before a final 50m route down to the ground.
The sculpture was designed by Turner-prize winning artist Anish Kapoor and at 114m is the UK’s tallest sculpture.
It was built by steel specialist Severfield.