Britain are due to make their first appearance in the Olympic football tournament since Rome 1960 when they compete at the Games in London.

Their participation has been the subject of controversy because the Northern Ireland, Scotland and Wales Football Associations have refused to endorse the team because of fears it would compromise their independence to compete in events like the World Cup and European Championships.

A compromise was hammered out with world governing body FIFA last year that means Britain will be represented by an all-English team at London 2012 and Redknapp wants to be in charge.

He today told the Sportsweek programme on Radio5 live: "You would love that.

"It would be wonderful to have that chance."

Roy Hodgson had been tipped to manage the team, which could include former England captain David Beckham as an over-age player, but his recent move from Fulham to Liverpool may end his planned involvement.

Stuart Peace, the England assistant coach to Fabio Capello has also been mentioned as a possible candidate, while Manchester United manager Sir Alex Ferguson, who London 2012 chairman Sebastian Coe initially approached, has been ruled out.

But Redknapp has now emerged as front-runner after guiding Portsmouth to the FA Cup in 2008 and then Tottenham into the Champions League for the first time earlier this year.

He said: "It should be someone from England.

"It would be fantastic - but there will be plenty of other people who want it."

Coe, meanwhile, has not given up hope yet that players from Northern Ireland, Scotland and Wales could still be involved as part of a British team.

He said: "If you are asking me do I think the people in Great Britain want to see a Great Britain football team [put] out, I am hazarding a guess that they do.

"However, that is not really for me to decide - it is a matter for the BOA (British Olympic Association) and the FA (Football Association)."

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July 2010: Beckham wants to play for Britain at London 2012
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September 2009: Wenger backs Hodgson for Team GB 2012 role
August 2009: Hodgson keen on 2012 Olympic job
August 2009: Triesman rules out Ferguson as manager of Team GB in 2012