Nadzmi Mohd Salleh, the head of Malaysia's badminton association, has already said he will also seek the position to be vacated by South Korea's Kang Young-joong after eight years at the helm.
Indonesian Justian Suhandinata is another candidate for the top job at the Kuala Lumpur-based BWF.
Badminton came under fire at last year's London Olympics when four women's doubles pairs from South Korea, China and Indonesia deliberately played to lose their matches in order to get a more favourable draw.
The sport was admitted to the Olympics in 1992 and Hoyer Larsen remains the only European to have won a badminton gold medal at a Games.
"Coming from a background as a player myself I am very keen that our sport is administered in a way where consideration to the players is taken in all decisions that we make," said the Dane in a statement announcing he had been nominated for the presidency.
"Without players there is no BWF and as administrators we must never lose sight of that."