Lee, who won the world team title in 1973 and also suffered defeat in the 2013 elections, faces rivals including former Korea Swimming Federation (KSF) President Lee Kee-heung.

Also standing is former judoka and sports ambassador for the Bolivia Olympic Committee Chang Jung-soo, Dankook University President, Chang Ho-sung, and Kyung Hee University physical education professor, Jeon Byung-kwan.

A new head is guaranteed after co-Presidents Kang Young-joong and Kim Jung-haeng each opted not to stand.

Kang and Kim were appointed joint leaders of the KOSC in March following a merger between the Korean Olympic Committee (KOC) and the Korean Council of Sport for All (KOCOSA).

Both parties met with the International Olympic Committee (IOC) in Lausanne and created one body to administer over sport at both an elite and at a grassroots level.

The KOC oversees elite sport in the country, with KOCOSA looking after matters regarding the general population with responsibilities including promoting a healthy lifestyle.

Elections today will be for a term lasting until February 2021.

A total of 1,405 people will be eligible to cast votes, consisting of representatives from the KOC and its member federations as well as the National Election Commission will oversee the voting process.

The candidate with the most votes will win. 

Lee Elisa, who narrowly lost 28-24 to Kim in 2013, is also a table tennis coach and politician who was elected a representative of the ruling Saenuri Party in 2012.

"I've been involved in sports for more than 50 years," she said.

"Having been an athlete, a coach, a college professor and a legislator, I believe I am the right person to lay the foundation for the new era of sports in the nation."

Lee Kee-heung, 61, has spent the last 10 years as a KOC vice-president while also leading the KSF from 2010 until this year and serving as the South Korean Chef de Mission at London 2012.

He is also a former vice-president of the Korea Modern Pentathlon Federation and President of the Korean Canoe Federation.

His candidacy has raised eyebrows, however, due to the major swimming corruption scandal that surfaced under his watch.

Lee announced his resignation earlier this year after allegations of bribery, embezzlement and fraud in national team member selection.

Wall Street financier Chang Jung-soo has vowed to develop the sports industry as "a new growth engine" if elected.

He also wants to improve the quality of life for athletes and create increased job opportunities following retirement.