London will bid to host the 2017 World Athletics Championships at the Olympic Stadium, UK Athletics has confirmed.
The bid has the full backing of the government and the mayor of London Boris Johnson.
Lord Coe will personally submit the bid at this month's World Championships in Daegu, South Korea, and a decision is expected in November.
"The IAAF and the athletics family have been unwavering in their support for an Olympic legacy," said Coe.
"A successful bid would say thank you for that constant support by delivering a fantastic IAAF World Championships in London that will help drive more young people into the sport."
London was due to host the 2005 World Championships at a proposed new stadium in Picketts Lock, Edmonton, but pulled out in 2001 after the project was deemed too expensive.
The championships were switched to Helsinki, with any future British bid for the event thought to be unlikely.
However, the subsequent successful bid for the 2012 Olympics, led by Coe, has now provided a suitable venue.
Sports minister Hugh Robertson said that the over-subscribed ballot for Olympic tickets at the stadium would add weight to the World Championships bid.
"The demand for London 2012 athletics tickets proves the level of public support that exists for world class track and field," he said.
"The Championships would provide a considerable boost to the capital's economy and help grow the sport by inspiring young people."