Speaking this week after seeing his side qualify for the ICC T20 World Cup Finals in England next year, the Donemana man said: "The opportunity to showcase our talents in front of a global audience of potentially billions would be just fantastic.
"It would help us popularise the game in Ireland, and build on our success in the World Cup last year."
"We've just qualified for the Twenty/20 World Cup finals in England next year, and I know how much both the players and fans enjoy the format.
"I really do think it's the future in terms of getting new fans onboard. It's every sportsman's ambition to participate in the Olympics, and the chance to play in front of packed stadiums with a worldwide audience would be a great experience for everyone."
The former Australia wicket-keeper says introducing cricket as an Olympic sport would help the long-term future of the sport.
Gilchrist thinks the Twenty/20 form of the game would work well in the Olympics, and cricket itself would benefit from being played in front of new audiences.
"We were lucky, a couple of 100 years ago, the British took the game to all corners of the globe, but we do not have that luxury anymore.
"We have got to investigate getting in to new areas as a sport, and I think becoming part of the Olympic movement is going to enhance that, and Twenty/20 (might] get in there and bring that forward," he told ABC's Grandstand Sport website.
"Places like obviously China and the (United] States are places that we would love to get into cricket and Twenty/20 is the perfect formula for that."