Australian middle distance runner Jess Hull has smashed the Australian record in the 1,500m at the Paris Diamond League by more than five seconds in a stunning statement just weeks out from the Olympic Games.

Hull ran a staggering 3 minutes 50.83 seconds — the fifth-fastest time in history — obliterating her previous best as she clung to the coat-tails of Kenyan Faith Kipyegon, who set a new world record time of 3:49.04.

Fellow Australian and former record holder Linden Hall also ran a personal best (3:56.40) at the Charléty Stadium, finishing in fourth spot behind Britain's Laura Muir, who broke the British record in an electrifying race.

"That was incredible," said Hull, who has already been named to Australia's Olympic squad after winning the National Title in April.

"I have worked so hard over the last few weeks, and I wanted to see what I could do. 

"I knew Faith kept looking back at me in the back straight, and I thought I must be running really fast here if she is worried." 

Two-time defending Olympic champion Kipyegon said she was conscious of Hull behind her in the closing stages.

"It feels amazing to break the world record," the 30-year-old said. 

"I am in the right direction towards the Paris Olympics. After the trials I knew that I was in world record shape, I have run the quickest time in Kenya with the altitude. It showed me that I was capable of breaking the world record again. We just tried, because everything is possible. 

"Jessica was really good, I felt that she was behind me and I had to be careful because you never know if something can happen. I knew that she is strong." 

Hull, 27, said she was confident she would continue the impressive form that had seen her twice break the Oceania record this season, into the Paris Games next month.

"I knew I was really fit. Training has been perfect, and did not want to hold it until next month because I had it in me today," Hull said. 

"I am just starting to trust that work, and I am so proud of what I just did."

ABC Sport will be live blogging every day of the Paris Olympics from July 27

Mahuchikh breaks 37-year-old high jump record

Elsewhere, Ukrainian high jumper Yaroslava Mahuchikh broke a  37-year-old record in the women's high jump, leaping 2.10m to erase the long-standing mark set by Bulgarian athlete Stefka Kostadinova from 1987.

The 22-year-old claimed victory in the event by clearing 2.03m at the second attempt, with Australia's Nicola Olyslagers failing at that height to finish second.