"It is certainly still early to speak about such an issue as me in-charge of ARAF," Isinbayeva said on Friday, reports Tass.
"However, I do think about running for the post."
Russian Sports Minister Vitaly Mutko said earlier in the day that the new ARAF president would be elected next month.
ARAF was at the center of numerous doping scandals since last year and in November 2015 the International Association of Athletics Federations (IAAF) suspended it, thus closing the doors to all national track and field athletes for participating in all international competitions, including the 2016 Summer Olympics.
Isinbayeva, a triple world champion (2005, 2007 and 2013) who set 28 world records, is currently considered the greatest female pole-vaulter of all time.
She was the first woman ever to clear the five-meter height, having done so in 2005. Her current outdoor record of 5.06 meters, set in August of 2009 in Zurich, remains unsurpassed.
Her indoor world record of 5.01 meters, set in Stockholm in February 2012, remained unbeaten for over a year, when in March 2013 US pole-vaulter Jenn Suhr broke it with a 5.02-meter record to become the second female athlete to ever clear the five-meter mark.
The IAAF named Isinbayeva the Female Athlete of the Year in 2004, 2005 and 2008. In all, she has been champion on nine major occasions, which include champion titles at the Olympics, World Outdoor and Indoor, as well as European Outdoor and Indoor competitions.
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