Pamela Jelimo won the $1 million Golden League jackpot outright in 2008
London could be added to the Golden League athletics series under new plans by the IAAF.
The sport's governing body hopes to finalise a deal to double the number of Golden League meetings from six to 12, including 2012 Olympics hosts London.
There are also plans to take the flagship competition outside Europe for the first time from 2010.
"London is a good candidate. It has big budgets and good sponsors," said IAAF spokesman Nick Davies.
"It is also great timing to promote athletics before the Olympics.
"One of the main aims of the new Golden League is to go outside Europe to internationalise the event. A number of possibilities include the United States, Asia and the Gulf states."
The IAAF council will hear how talks on sponsorship have gone at a council meeting in Berlin on 21-22 March and prospective hosts will be asked to submit tenders.
"It is an ambitious new scheme," said Davies. "If it does work in terms of the finance, the next stage is to decide who will be in it."
The Golden League, which will be held this year in Berlin, Oslo, Rome, Paris, Zurich and Brussels, offers a $1m jackpot to be shared by athletes who win their event at every meeting.
Kenyan 800 metres Olympic champion Pamela Jelimo won the $1m Golden League jackpot outright in 2008.
Davies added that rules for winning the jackpot would be changed in an expanded Golden League series.