Lord Coe has declared his candidacy to become the next president of the International Association of Athletics Federations.

The double Olympic gold medallist, who is chairman of the London Olympic Organising Committee, told The Times newspaper: "I'd be happy to run my sport and that is the first time I've given that answer. 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."

The current president, Lamine Diack, a Senegalese former long jumper, was re-elected in August 2011 for a four-year period that will end in 2015.

Coe could face opposition from the Ukrainian Sergey Bubka, the 1988 pole vault gold medallist in Seoul, who, like Coe, is a vice-president of the IAAF. Bubka initially failed to gain enough votes to be returned as a vice-president at the last biennial congress but the IAAF blamed technical problems with the electronic voting system and, amid controversy, he was returned in a re-run.

Coe's interest in the top job in athletics, which brings with it membership of the International Olympic Committee, comes as no surprise – although until now he has studiously avoided answering questions about his intentions. Bubka's plans have not yet been made clear.