"I'd be happy to run my sport and that is the first time I've given that answer," the twice Olympic 1,500 metres champion told Wednesday's edition of The Times.
"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."
Senegal's Lamine Diack will leave his role as president in 2015. Coe, 55, is likely to face competition for the post from Ukrainian Sergei Bubka, the most successful men's pole vaulter ever.
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