The American, who won three gold medals at Los Angeles 1984 swimming under her birth surname Caulkins, will succeed Kieren Perkins who is the new chief executive of the Australian Sports Commission, where Stockwell's husband Mark serves on the Board of Directors.

She will be only the second female President of Swimming Australia after Evelyn Dill-Macky led the organisation from 1992 to 1996.

Stockwell takes the job just weeks after Swimming Australia apologised for the way women had been treated in the sport following a probe into issues relating to women and girls triggered by claims of abuse and a culture of misogyny in Australian swimming.

"Swimming has played such an important role in my life, and I feel privileged to take on a role that will empower me to give something back to the sport that has provided me with so many opportunities," Stockwell said.

"With our Olympic and Paralympic athletes continuing to inspire, we have a collective responsibility to fuel the passion of those millions of Australians who love to swim, from the grassroots through to the elite, and continue to unify our broad community.

"As we begin the journey to Brisbane 2032, we must do everything within our capability to fulfil our vision to be globally admired for our performance in and out of the water."

The Stockwell's are close to becoming the most powerful couple in Australian sport as Mark is touted as a popular choice to take over as the new President of the Australian Olympic Committee, which has opened up following the resignation of John Coates who had served since 1990.

"We’ll have to wait and see," Tracy Stockwell told The Australian, about the AOC's Presidency which will be decided on April 30.

"But both Mark and I are very passionate about sport. 

"And as I said earlier, the Olympics have been a big part of our lives.

"And to be able to have the opportunity to potentially give back to sport and a movement, the Olympic movement, that we both feel passionately about would be great."

Mark Stockwell won two silvers at Los Angeles 1984 in the men's 100m freestyle and 4x100m freestyle as well as bronze in the 4x100m medley.

Tracy Stockwell is a founding member and past President of Womensport Queensland. 

She has served on the Board of Queensland Events Corporation and is a current member of the Advisory Council for The Committee for Brisbane.

The 59-year-old was awarded the Medal of the Order of Australia for service to sport and was nominated by the country's Government to join the Board of the Brisbane 2032 Organising Committee for the Olympic and Paralympic Games.

"As an athlete Tracy was an icon of swimming and, in the time since, has forged a path as a champion of change that now sees her as one of the most respected and renowned sporting administrators in the country," said Eugénie Buckley, chief executive of Swimming Australia.

"If we are to take full advantage of the opportunities afforded to us on the path toward a home Olympic Games then we must have the very best people in our sport, and I have no doubt Tracy’s significant experience and influence will be an enormous asset in her role as President."

Stockwell is regarded as one of the greatest American swimmers of her time.

In addition to her Olympic success in 1984, where she triumphed in the women's 200 metres medley, 400m medley and 4x100m medley, the Minnesota-native won five World Championships gold medals in Berlin in 1978 and a remarkable 48 US national titles in her career, second only to Michael Phelps.

There could have been more medals to her name but she missed out on the 1980 Olympics in Moscow due to the US boycott.

Stockwell's achievements in the pool saw her inducted into both the US Olympic and International Swimming Halls of Fame.