London Olympics organiser Sebastian Coe will run to become the next president of the International Association of Athletics Federations (IAAF), the Times reported on Wednesday.
The double gold medalist, now chairman of the London Olympic Organising Committee, told the paper he wanted to take over the presidency after elections in 2015.
"I'd be happy to run my sport and that is the first time I've given that answer," he said. "I'm ready. I know how to do this. But we have a great president in the post, so it would be when he stands down."
He faces competition from Ukraine pole-vault legend Sergei Bubka, who is also expected to run when current president Lamine Diack steps down in three-years time.
Both men are IAAF vice-presidents and victory in the presidential race would hand the winner coveted membership of the International Olympic Committee.
Coe earlier told AFP he was experiencing a mixture of pride and expectation as the clock ticks down to Friday's opening ceremony.
"I am excited, I am a sports fan, I want to get into the sport. I want to see the world's best athletes competing in venues that I think are sensational and I want to see fantastic sport, that is what the world is waiting for," he said.
"It's a privilege to do the job," the 55-year-old added. "What else would I want to be doing?