British athletics great Sebastian Coe announced Thursday that he has decided to run for the presidency of world governing body, the International Association of Athletics Federations (IAAF).

Incumbent president Lamine Diack, 81, is stepping down next year after 16 years in the role and Coe, a former middle-­distance runner and double Olympic champion at 1,500 meters, hopes to succeed him.

Coe, 58, headed the organizing committee for the London 2012 Games and is the current British Olympic Association chairman, as well as being a vice-president of the IAAF.

He is expected to face competition from former Ukrainian pole vault champion Sergei Bubka, who is also an IAAF vice-president.

Former Moroccan hurdler Nawal el Moutawakel, the first Muslim woman to win an Olympic gold medal, has also been tipped to stand for election.

The deadline for candidates to register for the vote is May 2015. The election will take place at the IAAF Congress in Beijing in August.

British media reports suggested that Coe could unveil his election manifesto as early as next week.

He has previously expressed a belief that more work needs to be done to open up athletics to young people.

"I will set out my detailed proposals for athletics and the IAAF when I publish my manifesto," he said in a statement. "It will highlight the importance of our sport embracing innovation and change as we move forward."

Coe is remembered for fighting thrilling rivalries with compatriots Steve Ovett and Steve Cram during the 1980s. He set 11 world records and also won two Olympic silver medals in the 800 meters.

After retiring from athletics in the early 1990s, the Chelsea supporter began a political career and was a member of parliament for the ruling Conservative party between 1992 and 1997.