The MCC World Cricket committee are backing the inclusion of Twenty20 cricket at the 2024 Olympic Games, believing it could lead to "a potential boost" in the profile of the sport.
Cricket would have to apply to be on the programme for future Olympics, but has got through the first stage of selection having received full Olympic recognition in 2010.
The earliest the International Cricket Council can apply to be part of the Olympics is for the 2024 Games.
The MCC World Cricket Committee - which acts as a complementary body to ICC - met in Auckland over the past two days and although they admit it would cost the game financially, feel the positives of being an Olympic sport make up for such losses.
The statement read: "The MCC World Cricket committee appreciates that a great deal of effort may be needed to lobby for the inclusion of cricket in the Olympic Games of 2024.
"The committee accepts that, were cricket to be played in the Olympics, there would be a short-term loss in income for the ICC, and therefore for dispersion to its members, but is impressed with the potential boost for the game worldwide if cricket were to be included.
"Furthermore, the committee advocates Twenty20 cricket as the format to be played at the Olympics, thereby providing the 'pinnacle' of that form of the sport."
International Olympic Committee president Jacques Rogge has, in the past encouraged the sport to put forward a case for its inclusion, saying in in 2011: "We would welcome an application. It's an important, popular sport and very powerful on television. It's a sport with a great tradition where mostly you have a respect of the ethics."
Only once before has cricket appeared in the Games - in 1900, when Britain were beaten by France, while there was also a cricket tournament at the 1998 Commonwealth Games.