Bolt and Farah, who struck up a special connection during the London 2012 Olympic Games where both won two gold medals in individual races, could raise money for their own foundations by going head to head at the rarely run distance.
Farah said: "He's got his charity foundation, I've got the Mo Farah Foundation. It would be great to do a distance where people vote in - proper athletics fans - on what distance they think is most suitable."
Bolt and Farah, together on London 2012's penultimate day
He then told Bolt: "Are you up for that? Come on, you've got to do it."
Thirty-year-old Farah, Olympic champion at 5,000m and 10,000m, said the distance would have to be between 600m and 800m.
"Let's get it on," Farah said.
Bolt replied, saying: "That sounds fun. It's going to be hard but it's charity so it's all about fun and enjoyment.
"I'm up for anything, for anything's possible."
In an interview shown on Sky News, Bolt, world record holder at 100m and 200m, said running 1500m would be out of the question.
"It's way too far," he said. "Six hundred (metres) for sure I can try because I've done 600m in training."