Reedie played a key role in London's winning bid for the 2012 Games
Sir Craig Reedie has failed to win a seat for Britain on the International Olympic Committee's executive board.
The Scot lost to Puerto Rico's Richard Carrion by 56 votes to 39 in a run-off.
Earlier, both men had allowed Moroccan Nawal El Moutawakel to be elected unopposed, ensuring at least one female representative remains on the board.
Reedie, who says he will "promote the movement with a special emphasis on the London Games," is now considering a bid for election to the board in 2009.
"It would have been nice to be elected to do four years before London but Richard Carrion is a good man," said Reedie.
"There was also the clear feeling that there should be a lady on the executive board.
"From a personal point of view, I will now think about standing next year."
With London next in line to host the Olympics, Reedie had hoped a seat on the board would ease communication between British planners and Olympic executives.
IOC president Jacques Rogge told Reedie: "I understand the natural disappointment and you are a great sport and come from a country that invented sportsmanship. You have our total confidence."
Reedie's defeat means Britain's 47-year run without representation on the executive board continues.
The withdrawal of Reedie and Carrion from their initial contest with El Moutawakel ensured that she became the first Muslim woman elected to the board.
IOC vice-president Gunilla Lindberg's term ended on Wednesday and the board would have had no female members, had El Moutawakel not been elected.
The 15-member board is responsible for setting the Olympic agenda. It meets four times a year and has the power to ban athletes from the Olympics for doping offences.
In his previous role as chairman of the British Olympic Association, Reedie was instrumental in London's winning bid to host the Olympics in 2012.