Track and field has become the first sport to introduce prize money at the Olympics, with all individual gold medallists at the 2024 Paris Games to claim $US50,000 ($A75,500) from World Athletics.

But veteran athletics coach Dick Telford would "prefer the money went to the people who are on the fringe", citing the financial struggle of athletes who are fighting to just qualify for the Games.

World Athletics (WA) president Sebastian Coe made the announcement on Wednesday, only a matter of hours after the sport's governing body informed the International Olympic Committee of the historic move.

WA has set aside $US2.4 million ($A3.6 million) to pay the gold medallists across the 48 events on the track and field program at the Paris Olympics. Relay teams will split the $US50,000 between their members.

Javelin thrower Kelsey-Lee Barber, pole vaulter Nina Kennedy and high jumper Nicola Olyslagers are genuine gold medal contenders in Paris.

But Telford would prefer to see the prize money on offer for those stars dished out to more athletes.

"We've got to realise with certain sports - it might be rowing, canoeing - various sports aren't professional at all and most athletes will do it on a shoestring," Telford said.

"We've got runners that just can barely get by because they can't keep up a full-time job. They're training like full-time athletes but not getting the professional return.

"The funny part about it though, the athletes we're talking about, my runners, they aren't the ones who are going to be up there winning the prize money.

"They're the ones just on the fringe trying to make the Olympics, and they're the ones that are struggling.

"In terms of runners, I'd much prefer the money went to the people who are on the fringe, rather than the people who are right at the top in terms of the running athletes.

"There are a lot of sports where athletes are sacrificing their careers, training full-time and not getting any recompense at all, they're just trying to get money to get away to compete."

Coe said the payments would also extend to silver and bronze medallists from the 2028 Los Angeles Olympics onwards.

"And as we continue to grow the commercial size and reach of the sport, it's my intention to continue to grow the prize pot," Coe said.

"We needed to start somewhere and I think this is a reasonable start.

"It's really the sport's commitment and I hope ... recognition for the athletes that they are in large part the reason why we are the No.1 Olympic sport."

In comparison, gold medallists at the biennial outdoor world athletics championships now take home $US70,000 ($A105,600) apiece.