Daley Thompson was Coe's track and field teammate at the boycott-affected games. He also competed in 1988 but missed the podium by one spot.
Still, Thompson won two gold medals in the decathlon. He also won the 1983 World Championships and established and improved upon the world record during his run.
Thompson has been present during the torch relay and will have a chance with the flame this week. He'd be the logical choice if Coe had the final say, but Lord Coe denies having a say in whom the final bearer will be, according to the Daily Mail:
"It will be a judgment made by our creative teams led by Danny Boyle and Stephen Bayley, and of course I will be a part of that but I have been very, very clear that it is not my call.
"I am certainly not pushing one person over another, and it still has not been decided, absolutely not.
"Do I have a view on this personally or privately? Yes of course.
"Have I asked our creative teams to get their minds around this? Yes I have. Have we made a judgement about this? No, we haven't.
"Is Daley Thompson a really close friend of mine? Yes he is, it's probably not the best-kept secret that he's probably my closest friend."
-Sebastian Coe, London 2012 chairman, on the final torch decision
Coe's apparently self-directed interview did little to offer insight on who will get the honor, but he did set up the creative team to take the credit or the fall based on how the lighting is received.
Thompson's varied skills would certainly open a plethora of lighting options. I'm a bit partial to the idea of a flaming javelin soaring through the cauldron and lighting the flame.