Had Phineas Fogg only known. Had he waited, he could have traveled "Around the World in 80 Days" for only $999 on a Boeing 747 under Pan American World Airways' proposed new excursion fare.

Yesterday, Pan Am said it would ask the Civil Aeronautics Board's permission to offer the fare - a reduction of nearly 45 percent from the regular economy fare of $1,849 - on a standby basis, beginning March 10.

Pam Am is hoping for approval for two other "Around the World in 80 Days" fares as well:

A reduced first-class standby fare of $1,599, compared with the regular first-class fare of $2,950.

Reserved-seat fares of $1,199 economy and $1,899 first-class, which represent a 35 percent savings from regular fares for passengers who are willing to fix their itinerary at least 30 days prior to their planned departure from the United States.

Pam Am said many different routings would be available to would-be Foggs. A traveler could begin on the West Coast, stopping in Honolulu and Tokyo, continuing to Hong Kong, Teheran, Istanbul, Frankfurt, London and back to the West Coast on a Pan Am polar flight, for example. Or someone on the East Coast could go to Europe, then to Delhi, Bangkok, Hong Kong and Tokyo, and back to the U.S. West Coast or New York.

The special fares would be available only on Pan Am flights, but travelers could leave a Pan Am flight in one city and pick up another Pan Am flight in another, as long as the journey continues in the same direction as it began with no backtracking. The standby passengers would be entitled to 11 stopovers; the reserved-fare passengers would get unlimited stopovers.