It was unclear which girls participated in the fun and games.
Bolt had been photographed on Tuesday night heading out to Tape nightclub with a group of glamorous women.
He racked up a £6000 ($11,000) bar tab and was spotted grinding with British model Erica Carvalho, 20, who was invited back to his hotel with seven other women and Bolt's male friends as the party continued.
He had left his hotel earlier with friend Tara Carroll, a restaurateur from Jamaica.
British high jumper Germaine Mason, who was born in Jamaica and won silver for Great Britain in Beijing, was also among those partying with Bolt.
Onlookers said that earlier that night, Bolt couldn't take his eyes off Carvalho, despite numerous women vying for his attention.
A source told The Sun: "Usain had been partying at Tape nightclub and was in a really cheeky mood.
"At first everyone was just goofing around but he started complimenting some of the ladies on their cleavage and encouraged two to flash him and a pal.
"Then he dished out his medals while music played from his iPhone. He was laughing a lot, pretending it was like Rio."
It was his second night in London after spending most of last week hitting the city's nightspots before having a night off on Thursday.
The mock ceremony occurred early Wednesday morning after a night of partying at London's Tape nightclub during his wild week of parting in London since departing Rio.
He partied on four out of five nights upon in London last week and also partied in Rio on the final day of the Olympics last Sunday.