The man many credit with bringing the games to the capital insisted that young design talent was essential in making the event a success.
He said it would reflect the fact that the youth of London had played an intrinsic part in seeing off the French to land the games.
Speaking on Friday afternoon at a conference in London, Coe said: 'Young architects should certainly be involved. We have to have a very open procurement process.
'We are currently setting up structures to make sure that the most creative people can pitch and tender.'
Also speaking at the event, J Parrish of Arup Sport, which is working with Herzog & de Meuron on the Beijing Olympic stadium for 2008, emphasised that London must not overlook the lasting legacy of the games.
'I am a little bit embarrassed about some of the submissions that were made for Beijing,' he said.
'The design of the building itself is easy. The design of the legacy is the bit we have got to get right. It's a golden opportunity to create an Olympic venue that doesn't fall into the trap of Sydney or Athens.'