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The official said that the 49-year-old former Olympic and world champion is announcing his candidacy on Tuesday to succeed Jacques Rogge, who steps down in September.
The official spoke on condition of anonymity because the decision hasn't been announced yet.
Bubka is notifying IOC members of his bid and has scheduled a news conference later on Tuesday to formally announce his entry in the race.
He is expected to be the final candidate to nominate, completing a record six-man field, for the September 10 election in Buenos Aires, Argentina.
The field already includes IOC vice presidents Thomas Bach of Germany and Ng Ser Miang of Singapore, finance commission chairman Richard Carrion of Puerto Rico, amateur boxing association chief C.K. Wu of Taiwan, and international rowing federation head Denis Oswald of Switzerland.
Bubka, who will be the youngest candidate in the race, is holding his news conference on the sidedlines of the SportAccord Convention in St. Petersburg and one day before the opening of IOC executive board meetings.
He competed in four Olympics from 1988 to 2000, winning the pole vault gold medal for the former Soviet Union at the 1988 Games in Seoul.
A six-time world champion, Bubka set a total of 35 world records - inside and out - during his career. He still holds the outdoor (6.14 metres) and indoor (6.15 metres) records in the event.
Bubka served as the athletes' representative on the policy-making IOC executive board from 2000-2008. He was elected a fulltime IOC member in 2008 and has served on several commissions.
Bubka has also been a vice president of the International Association of Athletics Federations since 2007. He and Sebastian Coe have been considered the main contenders to succeed IAAF President Lamine Diack in 2015.
