Lochte and Phelps have swum on the U.S. team together since the 2004 Games in Athens.
Less than 30 minutes earlier Thursday night, Lochte won bronze in the 200-meter backstroke.
For Lochte to reach his goal, he'll do so under a potentially grueling time constraint.
Lochte, who turns 28 on Friday, said he plans to swim in Rio de Janeiro in 2016.
In his previous Olympics, Lochte had sought individual medals in two styles as well: back and medley.
Prior to the 2012 London Olympics, Ryan Lochte was already doing well with product endorsements.
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Instead, it reported that Ryan Lochte won the gold medal in the 400-meter individual medley, beating Michael Phelps.
The 23-year-old from the University of California has far more Twitter followers than Phelps and Lochte combined: 552, 700.
But Agnel powered past 400m individual medal winner Lochte for France to win in three minutes 9.93 seconds.
Lochte, the world-record holder, went 1:54.9, followed by Hungary's Laszlo Cseh in 1:56.22.
Lochte has worn them to media and social events, and his fans seem to get a kick out of them.
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Goddard, who was sixth in Beijing, outlined his plans to get closer to American duo Michael Phelps and Ryan Lochte.
Shenanigans that would conceivably come as no surprise to swimmer Ryan Lochte and winner of five medals in the London pool.
But it wasn't enough for Lochte to hold off Agnel, who gave France just its fifth gold medal in Olympic swimming.
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Photogs have caught star gymnast Gabby Douglas, track champ Sanya Richards-Ross and swimmer Ryan Lochte giving their medals some tooth.
The world quickly learned just about everything there is to know about Ryan Lochte during the Olympic Games in London this summer.
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He'll have to beat fellow American Ryan Lochte, though, in an event that Lochte has defeated Phelps, most recently at the U.S. trials.
The swimming rivalry of Michael Phelps (27, with 268, 500 Twitter followers) and nemesis Ryan Lochte (27, with 130, 000 followers) should be another youth magnet.
Phelps handed over to Ryan Lochte, Peter Vanderkaay and Klete Keller to win in seven minutes 07.33 seconds with Australia second and Italy third.
Learning about how many hundreds of hours Lochte spent at the pool, or how many pairs of shoes he has in his collection is fine.
It found before the Olympics that Phelps was known by 89% of the public versus 21% for his closest rival in the pool, Ryan Lochte.
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Since Phelps opted out of the 200-meter freestyle for London, he and Lochte will only race head-to-head twice: in the 400 IM and the 200 IM.
Lochte beat Phelps in the 400-meter medley on Saturday with Phelps finishing a surprising fourth place, the first time Lochte had beaten him in an Olympic race.
From the ESPN Blog: Douglas ranks No. 4 in social media buzz among Olympians, after Michael Phelps, British diver Tom Daley and Ryan Lochte, according to analytics company Bluefin Labs.
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In case you're just tuning in, Phelps will be sharing the stage in London with teammate and longtime rival Ryan Lochte (say "Lock-tee"), who has spent the last two years drubbing Phelps.
That mat meant every bit as much to them as that pool did to Ryan Lochte, as that gym apparatus did to Gabby Douglas, as that hardwood floor did to Kobe Bryant.
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