Wiggins knocked three seconds off the Olympic record

Wiggins, who broke the Olympic record in his heat, will go against Australia's Brad McGee on Saturday.

Meanwhile, Rob Hayles will race Spain's Sergi Escobar for the bronze medal after recording 4:19.559, the fourth fastest time of the day.

Wiggins' time of 4:15.165 is the fifth fastest time in history.

Elsewhere, Victoria Pendleton set a new British record finishing sixth in the women's 500m time trial final.

The 23-year-old rider from Hitchin clocked 34.626 seconds on her Olympic debut.

The gold was claimed by Australia's world champion Anna Meares, who set a new world record of 33.952 secs in the event.

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China's Yonghua Jiang clinched silver while Natallia Tsylinskaya of Belarus picked up bronze.

There were plenty of fast times in the men's individual pursuit.

Ukrainian rider Volodymyr Dyudya had earlier broken Robert Bartko's Olympic record from the 2000 Games when he crossed the line in 4:18.169 seconds.

But he only managed to hold onto the record for 10 minutes as Wiggins took more than three seconds off Dyudya's time two rounds later.

Spain's world champion Escobar clocked the second fastest time of the day after Wiggins in 4:16.862 secs, while McGee was third fastest in a time of 4:17.510 secs.