The Conservative MP, who was children's minister between 2010 and 2012, but has been a vocal critic of government children's policy since being fired as a minister, said the committee needs "a stronger profile and louder voice".
"I think I am the best-placed candidate to provide that," he added.
Former chair of the education select committee Neil Carmichael lost his seat in last month's general election.
Loughton has already won backing from Labour's shadow children's minister Emma Lewell-Buck, who was among the MPs who nominated him for the position, and Department for Education adviser Sir Martin Narey, who tweeted:
Some good candidates here. But it would be good news for disadvantaged children if @timloughton became Chair. https://t.co/uuhNu18krO
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