Olympic cycling champion Victoria Pendleton has set her sights on riding at next year's Cheltenham Festival as an amateur rider.

Pendleton, who is Britain's most successful female Olympian, has teamed up with bookmakers Betfair to pursue her aim of riding in the 2016 Foxhunter Chase.

She is already working with champion trainer Paul Nicholls and eventing guru Yogi Breisner.

The former cyclist is hoping to obtain her Category A amateur licence which would allow her to ride in amateur races on the Flat and over jumps, as well as competing in the point-to-point field.

"I've been looking for a new and exciting challenge," Pendleton said.

"I'm motivated by the scale of the challenge and the opportunity to combine my love of horses with learning a new skill under the guidance of the team of horse-racing experts Betfair has put in place for me.

"My team and I have identified the ambitious target of riding competitively in the Foxhunters Chase at Cheltenham Festival next year, but the initial focus will be on getting me to a level whereby I am granted an amateur jockey licence, which is a significant challenge in itself given that I had never even sat on a horse until a week ago."

Breisner, who is the eventing performance manager for Team GB, will be acting as a mentor to Pendleton and believes her athletic mindset will be a huge plus.

"Victoria is a hugely talented, ambitious and gutsy individual, and these traits will stand her in the best stead possible," he said.

Nicholls will provide full use of his facilities as well as guidance for Pendleton and he too has no doubts her will to succeed.

"Having the competitive mind set of an Olympic champion, I've no doubt will put her in a great place to succeed in this challenge whilst also shining a much deserved light on the sport of horse racing," Nicholls said.