IOC members said they had received a letter from the 60-year-old Scot, saying he planned to put his name forward for a position on the 15-strong board in a vote of all members in Moscow on July 16.
The decision is expected to be taken on the same day that the IOC chooses the successor to Juan Antonio Samaranch who is retiring as president after holding the office since the 1980 Moscow Olympics.
Britain holds few leading positions in the world of sports administration.
A place on the top table of the IOC is prestigious and Reedie is expected to face opposition from several candidates, one IOC member said.
The Glasgow-based Reedie, a partner in a firm of independent financial advisors, began his career in sports administration as the secretary of the Scottish Badminton Union in 1964.
He was president of the International Badminton Federation between 1981 and 1984 and became head of the British Olympic Association in 1992.
He has been an IOC member since 1994 and has held positions on the IOC's marketing commission and is also on the coordination commmision for the organisation of the 2004 Olympics in Athens.
This will have brought the Scot into close contact with two of the favourites in the presidential race - marketing chief Dick Pound and Athens chief coordinator Jacques Rogge.
Reedie was also involved in the commission which wrote the report on the five cities bidding for the 2008 Summer Games, the venue of which will also be decided in Moscow.
Five candidates are running to be president - American Anita DeFrantz, Kim Un-yong of South Korea, Canada's Pound, Belgian surgeon Rogge and Hungary's Pal Schmitt. Rogge is regarded as the top favourite.
Britain's Craig Reedie will bid for a place on the International Olympic Committee (IOC)'s ruling executive board when the organisation appoints a new president for the first time for 21 years next month.
