UEFA president Michel Platini may be favourite to replace Sepp Blatter as the new Fifa president, but the former footballer is not the only one interested in the top post as a number of names have been doing the rounds. Add to that list, former Fifa vice-president Chung Mong-joon, who is also throwing his hat into the ring.

The South Korean billionaire, who is a big shareholder in car manufacturer Hyundai, is set to make a formal announcement in August.

The 63-year-old Chung Mong-joon has been disappointed with the corruption scandal Fifa has undergone, bringing a bad light to world football's highest body.

"I am going to stand as a candidate for the Fifa presidency," Reuters quoted Chung Mong-joon as saying. "It's not easy, but people don't want to be part of corruption. They want to be part of the solution."

"We cannot leave Fifa in this kind of disgrace."

With the prospect of having worked with Fifa for some years, the South Korean can play an important role, considering he knows the functioning of the football body.

Chung also feels there is a requirement for new blood at Fifa.

"We need new blood at Fifa, but we also need continuity and change," he added. The fact that I left four years ago was a kind of blessing."

"I understand Fifa very well, I also have the experience of running a national federation. Michel does not have that kind of experience, so I think I am qualified to invite change while preserving the strength of Fifa at the same time."

But, it seems to be an uphill task for the South Korean to defeat Platini for the coveted post, as the Frenchman is expected to be backed by around four Fifa confederations, which makes him a strong contender for the president's post.

Chung Mong-joon does not feel that it is the right time for Platini to take over the president's role.

"He's a good person, I like him very much, but if you ask me if this is a good time for Michel to become president of Fifa, right after Sepp Blatter, I don't think this is good news for Fifa and I don't think it's good for Michel either," he said.

The new Fifa president will be elected on 26 February 2016.