Sources close to the bid say Craig's well-respected work on the Olympic TOP programme of premier sponsors when he worked with then-Olympic marketing partners the IOC, has put him in the frame for the job.
The chief executive role will oversee the bid process, while the chairman is expected to be confirmed as a high-flying business figure.
Craig, who worked on the TOP programme between 1986-1994, is currently working as an informal advisor to the Vancouver bid for the 2010 Winter Games.
After leaving ISL he moved to become chief executive of US motorsport CART where he took the company to flotation - generating a $100m cash fund for the sport.
He now runs The Craig Company and has a number of clients, as well as holding the radio broadcast rights to Formula One in the US.
Craig was unavailable for comment when contacted by sportbusiness.com
