Mr Khan, 71, studied philosophy, politics and economics at Keble College from 1972 to 1975 and also captained the university cricket team.
Lord Hannan, the Tory peer and former MEP, this week threw his support behind Mr Khan, describing him as a “towering figure in the worlds of philanthropy, sport and politics” and saying: “He would make a superb chancellor for the world’s foremost university.”
Mr Khan faces a formidable field in the race to be the new figurehead of the university. Leading rivals include Lord Hague, the former foreign secretary, Lord Mandelson, the Labour grandee, and Lady Angiolini, the prominent lawyer who led the inquiry into the rape, abduction and murder of Sarah Everard.
While Mr Khan may be considered a wildcard entry, his application could help raise awareness of his imprisonment and put pressure on the Pakistan government and the country’s powerful military leadership.
More than 250,000 Oxford alumni will vote in an online ballot later this year. The successful candidate will serve a 10-year term, supporting Prof Irene Tracey, the current vice-chancellor.