Surfing was one of six sports added to the Tokyo Games, as well as skateboarding, karate, baseball, softball and sports climbing.
Fanning said he would revel in passing on the exemplary traits that have taken the 35-year-old to the pinnacle of the sport.
"In four years time I don't think I will be at the top of my game so I would be honoured to be a coach or mentor," Fanning told Fairfax media.
Australian Matt Wilkinson currently leads the race for the world title with his fellow male and female compatriots also dominating on the world stage.
Fanning said Australia had a wonderful opportunity to claim an inaugural gold medal at the Tokyo Games in 2020.
"If you have a look at the rookies that are on board at the moment like Jack Freestone, Stu Kennedy, Davey Cathels and Ryan Callinan; those guys along with your Matt Wilkinsons have to be making a strong case for selection," he said.
"Stephanie Gilmore, Sally Fitzgibbons and Tyler Wright have been leading the way but we have a really good depth of field for the women's team as well."