The announcement that the 1988 Olympic pole vault champion and multi-world record holder would stand had been widely expected but was finally confirmed following a meeting of the Ukrainian Athletic Federation Executive Committee.

"I am seeking the IAAF Presidency to give something back to the world of athletics which has given so many opportunities to me throughout my life," 51-year-old Bubka said. 

Diack is due to step down as IAAF President after 16 years at the IAAF Congress in Beijing in August.

Bubka has been an IAAF Council member since 2001 and a vice-president since 2007.

He serves on the IOC ruling Executive Board and is President of the National Olympic Committee of Ukraine. 

Sergey Bubka has established himself as a leading administrator with both the International Olympic Committee and International Association of Athletics Federations since retiring ©Sergey Bubka

"I have been honoured to serve athletics alongside Lamine Diack, with my colleagues and friends," Bubka, who broke the world record 35 times during his career and won six consecutive World Championship titles, said.  

"Now that Mr.Diack has decided to step down as President, I wish to build upon the progress achieved by the IAAF under his leadership to ensure that the sport of athletics and its governing body are world-class and an example to others with regard to governance, transparency and ethics.

"We also need to provide greater grassroots support to inspire the next generation of athletes; we need to better engage with young people and build new audiences; and we need to ensure protection of clean sport."

Coe, the former chairman of London 2012 and also an IAAF vice-president, had launched his campaign last November and has already published his manifesto, entitled Growing Athletics in a New Age which he claims "is about engaging with young people".

Coe, the 1980 and 1984 Olympic 1500 metres gold medallist, called the document "a 10-year vision for athletics and the IAAF" and "a road map to deliver growth and vibrancy".