The 63-year-old is the early favourite following the decision yesterday by the Frenchman to step down. 

Lapasset confirmed he would not seek re-election in order to focus on Paris’ bid for the 2024 Olympic and Paralympic Games.

Beaumont, capped 34 times by England during his international career, was defeated by Lapasset 14-12 in the last election, held in Los Angeles in December 2011.

He then lost his position as vice-chairman to Oregan Hoskins when, following two ballots which ended 13-13, the Frenchman cast his deciding vote for the South African.

Beaumont has released a 20-page manifesto, which can be read here, and has employed British communications firm Jon Tibbs Associates (JTA) to advise him on his campaign.

A deadline of March 12 has been set for candidates to register their interest in standing. 

The only people eligible to enter the race to succeed Lapasset, who was elected to succeed Ireland's Syd Millar as head of the International Rugby Board in October 2007 and assumed the President's role in January 2008, are members of the World Rugby Council, a body made up of 27 men.

Each member of the Council has one vote in the election, with a simple majority required to secure the top job at the organisation.

Another potential candidate could be International Olympic Committee member and Rugby Europe chairman Octavian Morariu of Romania.

"Rugby has been fundamental in my life, bringing me immense enjoyment and fulfilment over many years, both as a player and administrator," Beaumont, who has the full backing of the RFU, the governing body for English rugby, said.

"Now it is time to attempt to repay some of what rugby has given me by standing for the role of chairman of World Rugby."

Lapasset oversaw the rebrand to World Rugby, which took place in 2014, and was one of the driving forces behind rugby sevens being added to the Olympic programme for Rio 2016 at the IOC Session in Copenhagen in 2009.

The 68-year-old had intimated to insidethegames that he may not stand for re-election during the launch of Paris 2024's logo last month and informed the ruling Council of his decision yesterday.

He plans to devote his time to helping Paris win the hosting rights to the Olympics and Paralympics for the first time in 100 years in his role as co-chairman of the Bid Committee.

Lapasset had previously led rugby's world governing body in 1995 and 1996.

During this period he had presented the Rugby World Cup to Nelson Mandela after South Africa's victory in Johannesburg in 1995.

"Rapid recent expansion has brought tremendous excitement and expectation, which is a credit to our current chairman Bernard Lapasset," Beaumont said.

"Rugby must have strong roots to ensure healthy and sustainable growth globally.

"After the largest and most successful Rugby World Cup ever, and with sevens now on the Olympic programme, we are entering a pivotal period.

"Rugby now needs a modern, forward-thinking, world-leading International Federation that strengthens the roots of the game’s success – our financial security and fundamental rugby values – to guarantee that growth well into the future.

”I believe that with my knowledge and experience I can work with World Rugby to achieve this."