It is learnt that Bhanot has been recommended by the Athletics Federation of India to contest the AAA elections to be held on June 1 prior to the Asian Athletics Championships (June 3-7) at Wuhan in China.
Though Bhanot was not allowed to contest IOA elections last year by International Olympic Committee after being jailed for some months in connection with 2010 Commonwealth Games corruption scandal, there was no such bar on him to contest the AAA polls.
Kalmadi was recently made life president of the AAA for his contribution in Asian athletics as its head for 13 years from 2000 to 2013.
Bhanot is among 14 candidates from various countries for five posts of vice presidents and he will also be in the fray for elections to become individual members of the AAA Council.
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Bhanot had served as secretary of AFI for more than a decade before 2010 and was the Secretary General of the IOA when it served a 14-month suspension by the IOC. He is currently the chairman of AFI's Planning Committee.
The influential Qatari is also one of the vice presidents of the world athletics governing body IAAF.
The fight for the lone post of senior vice-president of the AAA will be between Du Zhaocai of China and Tigor Tanjung of Indonesia.
"Candidatures for the election of the AAA Council for the term 2015-2019 has been finalised. AAA member federation's delegates will gather in the lake city, Wuhan in China on 1st June prior to the start of the 21st Asian Athletics Championship to choose 17-member Asian Athletics Council," the AAA said in a statement.
Other Indians in the fray for membership of various committees include AFI Secretary C K Valson (Technical Committee), C Latha (Women's Committee), Arun Kumar Mendiratta (Medical Commission), Ravinder Chaudhury (Cross Country and Road Running Committee) and Tony Daniel (Race Walking Committee).