Both Klitschko and Pacquiao have expressed an interest in competing at Rio 2016 and C K Wu, President of AIBA, admitted their presence would give a huge boost to the new AIBA Pro Boxing (APB) tournament.

The new initiative, which allows boxers to fight professionally while retaining their eligibility for the Olympics, the latest big change in the sport following the decision to allow boxers to fight without head-guards and vests, is due to launch officially on October 24. 

Wu wants to first thoroughly investigate the idea of Klitschko and Pacquiao competing before he commits himself to officially backing the idea. 

"Publicity wise, it would be fantastic," he told insidethegames.

"For the promotion of the APB it would immediately draw lots of attention.

"But we are very cautious to evaluate."

AIBA President C K Wu wants to evaluate the situation before he backs the idea of big names like Wladimir Klitschko and Manny Pacquiao competing at Rio 2016 ©AIBA

For 38-year-old Klitschko, Ukraine's multi-belt world champion, it would mark a return to the Olympics having won the super heavyweight title at Atlanta 1996.

But for 35-year-old Pacquiao, the first and only eight-division world champion, in which he has won ten world titles, as well as the first to win the lineal championship in four different weight classes, it would be his debut in the Olympics.

He turned professional before he had the opportunity to represent the Philippines at the Atlanta Olympics with a record of 60 victories in 64 fights. 

If the two were to return in time for Rio 2016 it would require a change in the APB rules, which currently dictate that a fighter can only return to Olympic-style boxing if they taken part in less than 20 professional fights.

Klitschko has so far had 65 bouts - with 62 victories, 52 of them by knock-out - and Pacquiao has fought on 63 occasions, winning 56 of them, knocking-out his opponent 38 times. 

Wladimir Klitschko won the Olympic gold medal at Atlanta 1996 when he beat Tonga's Paea Wolfgram in the final ©Getty Images

"In our rules it says within 20 bouts they can come back but I think these would be special cases," Wu told insidethegames.

"At the moment we are at the beginning - we need to officially receive their applications - but we need to consider what would be the impact for our current APB boxers with these superstars coming in and how much that would affect them.

"On the other hand, if these outstanding well known boxers are really sincere about wanting to join us we will look into this."

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