Here's a very simple outline of the Olympic Rings for kids to print and colour in.
Olympic Rings Colouring Page
As the Greek goddess of victory, the Goddess Nike has been depicted on Olympic medals since 1928. Colour in this lovely detailed picture of the Goddess aimed at older children.
Here's a printable Olympic Flag colouring page for kids. Paint or colour the Olympic Rings, or use the printable as a base for collage or template for a craft activity. How about tracing the rings onto thin white cotton fabric (perhaps an old sheet) and then painting with fabric paints.