The 100-mile ride on Sunday 2 August, which is set to feature the Box Hill climb made famous by the Olympics, has attracted 86,001 applications.
Organisers will now draw a ballot and riders will learn if they have won a place during the first week of next month.
Helyn Clack, Surrey County Council’s Cabinet Member for Community Services, said: “There can be no doubt last year’s event will have inspired many more people to get on their bikes so they too can enjoy the amazing atmosphere of the London Marathon on wheels.
“Perhaps the next Sir Bradley Wiggins or Lizzie Armitstead will be participating when we welcome the event to Surrey again this year.”
Community groups and charities are set to get more than £370,000 thanks to the county’s involvement with last year’s cycling festival.