"I’ve always made it clear that if an opportunity arose, I’d obviously give it serious thought,” Coe said in a news conference originally called to discuss the Olympic track meet. “The opportunity has arisen and clearly I need to think about it."

Current president Thomas Bach announced he would not seek to extend his current term beyond June 2025, telling reporters on Saturday that "our organisation is best served with a change in leadership."

Coe has long been touted as Bach’s successor. He helped lead the London Games in 2012 and has presided over World Athletics since 2015, during which he paved the way for a major reform —paying prize money to track and field gold medallists.

"I have been involved in the Olympic movement for the larger part of my life," he stated.

"I have chaired an Olympic Games from bid through to delivery and two years of legacy after that. I have been privileged to compete in two Olympic Games. I have chaired a national Olympic committee, and I now have the best job in the world as president of the No. 1 Olympic sport. These are experiences that if you put together, and other aspects of my life, I think would be beneficial to the role," the former Olympian added.

Elections for the next IOC president will be held in March 2025.