Cisco (Nasdaq: CSCO), a Silicon Valley titan, is committing $500 million to a “Tech City” project in the United Kingdom that someday could be that country’s high-tech hub.

Chairman and Chief Executive Officer John Chambers met with UK Prime Minister David Cameron on Monday to discuss the networking giant’s commitment.

Cameron is committed to the East London Tech City as one of his British Innovation gateway projects. The prime minister announced what is called “Britain’s answer to Silicon Valley” last November.

Other tech companies already commited include Google, Intel, Facebook and Qualcomm.

London also will host the 2012 Summer Olympics.

“We are delighted to be working with the UK Government on this project as a logical progression from our work in the east of London for the London 2012 Olympic Games,” Chambers said in a statement released by the prime minister’s office.

“The Prime Minister’s Tech City Initiative is very exciting for the UK and we have worked closely with the Government on ways to strengthen it,” Chambers added.

Cisco plans two innovation centers, five annual competitions to encourage innovation, and also will provide mentoring to entrepreneurs.

“This will help create many new jobs and opportunities, and support our drive to diversify our economy and generate sustainable economic growth,” Cameron said. “Cisco’s goal is a fantastic example of how business is turning this vision into reality, with East London set to become a leading Tech City.”

Read more about the project here.

Cisco employs some 4,000 people at its campus in RTP.

Get the latest news alerts: Follow LTW at Twitter.