Bolt is a six-time Olympic gold medalist in 100m and 200m, while Farah claimed both the 5,000m and 10,000m titles at London 2012 last summer.
The pair swapped celebrations at the Olympic Stadium a year ago, but now Farah wants to challenge Bolt over a distance of around 600m.
He told Sky Sports News: "I was thinking something for charity, he has his own charity, I have my charity, the Mo Farah foundation.
"It would be great to be able to do a distance where people vote in and get a vote going, proper athletics fans, what they think, what distance will be suitable and then get a judge and then come in the middle, that distance and train for it, that would be great.
"Are you up for that? Come on, you've got to do it."
Bolt was positive over the challenge last night, insisting that 600m would be just about right for the race as it is a distance he has previously covered in training.