Coe graduated from the English university back in 1979 with a BSc in economics and social history, before winning 1500 metres gold and 800m silver for Great Britain at the 1980 Olympics in Moscow.

He repeated the feat four-years later at Los Angeles 1984.

Coe also set 12 world records during an outstanding career. 

"Loughborough University seems to have been part of my life for about as long as I remember," Coe, who will take over from Sir Nigel Rudd, said. 

"Whilst my love of athletics started in school it was at Loughborough that I began to realise my full potential with the support of world-class coaches and sport scientists who worked alongside my coach and father.

"Since that time Loughborough has gained a pre-eminent position as a global leader in higher education, teaching and research.

"It also prides itself on creating an environment where students are able to develop their talents in and out of the lecture theatre that better prepares them for life beyond university.

"I am very honoured to take on this role and look forward to the next chapter in the history of the university."

In addition to his athletics success, Coe served as the chairman of London 2012 and until recently held the same post at the British Olympic Association.

The IAAF President will be Loughborough's sixth Chancellor and is due to be installed at their summer graduation ceremonies in July.

As part of the role, he will preside over ceremonial functions and will confer degrees on graduates of the University.

"We are delighted to announce Lord Coe as our sixth Chancellor," said Professor Robert Allison, vice-chancellor of Loughborough University.

"As one of the world's most high profile sportsmen and a long standing friend of Loughborough University, he is perfect for the role."

Loughborough University have gained a reputation for sporting success and is home to several National Governing Bodies, including British Swimming and the England and Wales Cricket Board.