Radcliffe will play the double gold medallist in a film detailing the British middle distance runner's battles with fierce rival Steve Ovett, according to Screen Daily
Coe, who went on to lead the successful London bid to host the 2012 Summer Olympics, was once recognised as one of the fastest middle distance runners in the world, with Ovett sharing his track glory.
Going into the Moscow Olympics in 1980, Ovett was tipped for gold in the 1500m, while Coe was the favourite for the 800m event. On the day, it was Ovett who triumphed at the shorter distance, with a furious Coe returning the favour in the 1500m. British athletics has, arguably, never seen a more intense rivalry than between these two very different men.
Radcliffe was also recently linked to star as Freddie Mercury in a forthcoming biopic about the late Queen singer.
However, he has ruled himself out of the part and Mercury's Queen bandmate Brian May has told The Huffington Post UK that the film has found its Freddie.
"Progress is good,” he revealed. “You can never say for sure until the contract is signed and the ink is dry, but we think we have our man, we think we have our director, we think we have the script, so those three things will enable that button to be pressed, so hopefully in the next two to three weeks, which is good.”