The 28-year-old has a personal best of 3 mins 45.34 secs over the mile distance - good enough for a British record and sixth on the all-time list.
Moroccan great El Guerrouj's current mark of 3:43.13 has stood since 1999.
A two-time Olympic medallist in the 1,500 metres, Kerr won his third world title by storming to indoor 3,000m gold in Poland last week.
"It's been a huge goal of my career. It's one of the oldest world records on the track and I think it's one of the most important ones," Kerr told the BBC.
"It's something that I feel confident to talk about going after. It's a really exciting time."
Kerr will take on the challenge shortly before going for gold on home soil at the Commonwealth Games in Glasgow.
"This sport needs moments. I think that setting my goals and being very clear on that is a huge part of giving this record the respect that it deserves," he added.
"To do it in front of a British crowd would just make it extremely special. It's going to be a tough one but I truly think that I'm capable of going after these times."