The 62-year-old has also said he has a condition affecting his hands that could impact his performance on the ITV show this year.
The former athlete who has five Olympic gold medals to his name, is among the likes of comedian Josh Jones and Traitors contestant Mollie Pearce, who will all take to the ice when the series returns this weekend.
Discussing his decision to take part, he said: “I’ve never had the opportunity before as my diary was always so packed due to my training.
“The other reason is because earlier this year Chris (Dean) and Jayne (Torvill) celebrated their 40th anniversary of them winning in Sarajevo (at the Winter Olympics) and it’s my 40th anniversary as well.
“The show asked me to record a segment for Chris and Jayne and what they mean to British sport, both then and now, and at the end of it I said ‘I suppose you’re going to try and get me on the show now’ and here I am.”
Sir Steve won his first Olympic gold medal more than 40 years ago in the coxed fours in the 1984 Los Angeles Games.
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Reflecting on what he is “most nervous” about when it comes to appearing on Dancing on Ice, he shared: “I’ve been diabetic for almost 30 years so the sensation in my feet isn’t as good as what it used to be so navigating my footing on the ice could be a problem.
“I also have Dupuytren’s contracture which affects my hands, meaning I can’t make them flat. So if I do fall over, although I’m planning not to, it means I may have trouble getting up.”
What is Dupuytren’s contracture?
Dupuytren’s contracture is when one or more fingers bend in towards the palm and although it is not usually painful, it tends to get slowly worse over time, according to the NHS website.
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Treatment is not usually needed in the early stages, however, if it’s severe and you cannot straighten your fingers or use your hand normally, a GP may refer you to a specialist for treatment.
There are three main types of treatment, including:
- surgery to remove the affected tissue in the hand (fasciectomy)
- using a needle to make small cuts in the affected tissue (needle fasciotomy)
- surgery to remove the affected tissue and skin (dermo fasciectomy)
Dupuytren’s contracture happens when the tissue under the skin near your fingers becomes thicker and less flexible but the exact cause is unknown, reports the NHS.
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However, it has been linked to:
- having a family history of the condition
- smoking
- drinking lots of alcohol
- having diabetes or epilepsy
Dancing on Ice begins on Sunday, January 12 at 6.30pm, live on ITV1, ITVX, STV and STV Player.