The former middle-distance running star has been chairman of the British Olympic Association (BOA) since November 2012, having previously served a similar role in the successful London 2012 Olympic bid.
After taking the BOA top job, Coe vowed to play a key role in cleaning up athletics from drug cheats.
And he has now turned his focus to the future of athletics as he targets the IAAF presidency, set to be relinquished by Lamine Diack who has led the sport since 1999.
Coe said in a statement: "For as long as I can remember, I have woken knowing that athletics, in some way, would shape my day. As a young boy, running was the thing that I loved beyond anything else and I have been hugely fortunate that athletics has been at the centre of my life ever since.
"As I speak to friends and colleagues around our great sport I appreciate that we are entering a very important time for Athletics and that it is the right time to open up a discussion about the future.
"That discussion needs to focus on how we build on the many achievements of recent years, recognise that we have new challenges in a new era and how we can tackle those challenges with vision and ambition. I believe I have something to offer to that debate and it is why I am today officially announcing my candidacy for the presidency of the IAAF.
"Throughout all my sporting roles I have always put the interest of athletics first and been independent enough to do the right thing for our sport. This will be my approach in the campaign and, in full partnership with the member federations, it will be the cornerstone of my presidency if granted the great honour of being elected IAAF president.
"I will set out my detailed proposals for athletics and the IAAF when I publish my manifesto. It will highlight the importance of our sport embracing innovation and change as we move forward. I want us to have a renewed focus on engagement with young people and a real understanding of the global landscape that is shaping the next generation of athletes and fans.
"If we are guided by these principles as we review and reform our sport then I am convinced that athletics can enter a new era with confidence and ensure a bright and exciting future."