London Olympic chief and IAAF vice president Sebastian Coe said on Thursday that he will run for the presidency of the world athletics ruling body.

The double-Olympic 1,500 meters champion is setting up a likely election battle against pole vault great Sergei Bubka.

The current president, Senegalese Lamine Diack, 80, is stepping down after 16 years.

"I'm delighted & honored to announce my candidacy for the Presidency of @iaaforg. This is the right time to discuss the future of Athletics," Coe said on his Twitter.