Long-serving president Sepp Blatter will stand down from his role, with FIFA having announced that they will hold an extraordinary congress to elect a new president on 26 February.
Chung has said he thinks that a non-European leader would help to breathe “new wind” into FIFA and told reporters that he believes the organisation became more corrupt after he lost his job as vice president in 2011.
“It won’t be easy, but I think it would be worth it, and there could be good results if I try hard enough,” Chung said about his potential candidacy.
“I plan to officially announce my candidacy in mid-August, and if possible, in Europe, the centre of world soccer.”
FIFA is still reeling from the indictment of 14 people, including two now-ousted vice presidents, in a US investigation into alleged racketeering, bribery and money laundering in football.
Chung, who was a key figure in helping South Korea land the right to co-host the 2002 World Cup, was a FIFA vice president for 17 years and was once considered a candidate to succeed Blatter before losing his seat in 2011.
The billionaire scion of the Hyundai business group has also been a South Korean lawmaker and presidential candidate.
UEFA chief Michel Platini, Brazil great Zico and Liberia federation president Musa Bility are among the other likely contenders to run for the FIFA presidency.
The head of leading FIFA sponsor Visa says football’s governing body cannot deliver meaningful reforms until Blatter has left his position as president.
Visa chief executive Charlie Scharf said FIFA’s response to the corruption crisis had been “wholly inadequate” and joined fellow sponsors Coca-Cola in demanding a fully-independent reform commission.
Scharf said: “We view the stewardship of our company, our brand, and our clients with the utmost importance and try to hold ourselves to the highest standards.
“We seek to partner with those who think and act like us. I don’t believe that FIFA is living up to these standards. Furthermore, their subsequent responses are wholly inadequate and continue to show its lack of awareness of the seriousness of the changes which are needed.
“To this end, we believe two things need to happen to ensure credible reform. First, an independent, third-party commission led by one or more impartial leaders is critical to formulate reforms.
“Second, we believe no meaningful reform can be made under FIFA’s existing leadership. Football itself is a great sport with which we are proud to be associated. We want to be proud to be associated with FIFA and hope and look forward to working with them to that end.”