Since his Team GB omission was revealed, speculation has mounted over what role Manchester United legend Beckham might play.
Coe admitted that had already been discussed and expects to make the nature of the 37-year-old's responsibilities clear soon.
"He was not only alongside us when we won (the right to host the Olympics), he was alongside us when we threw our hats in the ring," Coe told Sky Sports News.
"He's a north-east London boy, he knows what sports means in those areas, and he's probably one of our longest and truest supporters.
"We are scoping a role for him at the moment... I actually spoke to him over the course of the weekend.
"We're working on it, but you'll have to watch this space."