In 2012, Merkulova won the Tashkent World Cup All-around title and the individual apparatus finals in ball, hoop and clubs. Competing with teammate Evgenia Kanaeva at the 2012 European Championships, in place of Daria Kondakova and Daria Dmitrieva who were both injured, she took the all-around silver medal. At the Grand Prix Vorarlberg in Austria in July 2012, Merkulova won the bronze medal in all-around behind Kanaeva and Dmitrieva as well as silver in the hoop finals. At the World Cup series in Minsk, she finished fourth in the all-around behind Liubov Charkashyna and won silver in the clubs final. She was named as Russia's nominal second entry for the individual all-around at the 2012 Summer Olympics in London, alongside Kanaeva, however, Dmitrieva replaced her in Russia's final entries on August 2, 2012, due to Merkulova's foot injury.