The 64-year-old Singaporean also said he would look into scaling back the cost and procedures for cities bidding to host the Olympics and suggested potential new sports should use the Youth Games as a test ground before seeking inclusion.
"It is also about time for us to do a major review of the size, the cost, the scale and the complexity of the Games," Ng said in an interview at his office on Monday.
"This will be one of the priority for sure. Even on the bid itself, the process. Whether we can make it more efficient, less costly with more respect to the cities to those bidding as well as for the sports themselves.
"But at the same time, when we talk about reducing the size of the Games there are more sports knocking on the door wanting to be part of it, so I think there is going to be a fine balance and we have got to find the optimum solution."
Ng is up against Germany's Thomas Bach, Richard Carrion of Puerto Rico, Wu Ching-kuo of Taiwan, Swiss Denis Oswald and Ukraine's former Olympic pole vault champion Sergey Bubka to replace outgoing Belgian Jacques Rogge in the September 10 vote in Argentina.
Ng said that all aspects of the Games would be looked at and did not rule out increasing in the number of sports from the current total of 26, but with less medals available in each.
"There could be a review on number of athletes, different disciplines, there could be a review of disciplines in the existing sports," the IOC vice president and former international sailor said.
"There could be a more optimum allocation of scheduling of competitions. I believe that there are some opportunities there for us to look at so we have to, definitely, consider some of these."
(Reporting by Patrick Johnston; Editing by John O'Brien)
