The governing body will select one or more media rights partners for the IAAF World Athletics Series in the two continents, with the agreement set to cover all of the competitions.

How long the contracts will run for are due to be determined following a negotiation process.

The IAAF claim that "new digital technologies" have created opportunities for its media partners to deliver more "flexible coverage" of athletics.

A two-month bidding process is now set to begin which will lead to presentations by the end of June by interested parties and the announcement of a preferred partner or partners in early July.

“Athletics needs to better embrace and exploit recent digital advances which allow more flexible delivery of our wonderful sport to the world, whether that audience is at home, in the office or on the move," said IAAF chief executive, Olivier Gers.

"We also must ensure we present the excitement and spectacle of athletics at its best and for that a consistently high level of production is essential.

"We therefore look forward to engaging with partners who share our vision for the future of athletics broadcasting based upon consistently high standards and multi platform delivery that benefit our sport and our commercial partners.”

Athletics' governing body also opened public tenders for the establishment of a joint venture for broadcasting and media production.

As part of its efforts to "enhance its fan, audience and sponsor experience", the IAAF has issued the call for a partnership which will deliver a "more unified and consistent approach to the host broadcasting of athletics events".

The aim is to develop production capabilities that can be used by all local Organising Committees to ensure a consistent level of broadcast and production.

At the end of a month-long selection process and interviews, the IAAF will award the selected company an exclusive negotiation period.

The joint venture is expected to be operational in January 2018.