Laura Muir and Jemma Reekie are well placed to deliver Scotland's first individual track medals at an Olympics since 1988, says coach Andy Young.
Liz McColgan and Yvonne Murray picked up silver and bronze over 10,000m and 3,000m in Seoul 32 years ago.
Muir, 27, ran the fastest 1500m time in the world this year, while Reekie, 22, lost just one 800m race and clocked the world's quickest time indoors.
"You would have to say they're both medal contenders," said Young.
"They were world number one and world number two this year. To take it from that point and the times they've run, that converts them into medal contenders, so that's definitely the target.
"Laura has been at the top for a few years and has that experience, she is ready to deliver the medals. With Jemma, she has almost her whole career ahead of her. There is still lots to come from both."
Muir finished seventh in the 1500m final at the Rio Games and has been improving ever since.
"Being an Olympian was so special in 2016 and I'd love to get on that podium," she told BBC Scotland.
"The last few global championships I've been fourth, fifth twice, sixth and seventh. I'm missing that global, outdoors medal and where better to do it than the Olympics?"
2020 was a breakthrough year for Reekie, who beat training partner and friend Muir twice in Italy and once indoors in Glasgow over 800m.
"Every going well, it could be a really exciting year for the both of us," she said.
"It's every athlete's dream to go the Olympics and I'm grateful to have had another year to improve, to build up endurance and get faster.
"No one goes just to make up the numbers, so I just want to go out and do my best."