The ICC says its "primary target" is being added to the 2028 Games in Los Angeles.
It would end a 128-year wait for the sport to be included, following its only previous appearance in the 1900 Games in Paris.
The sport will feature as a women's event in the 2022 Commonwealth Games in Birmingham.
ICC chair Greg Barclay says the "sport is united behind this bid" and that the Olympics are part of cricket's "long-term future".
"We have more than a billion fans globally and almost 90 per cent of them want to see cricket at the Olympics," said Barclay.
"Clearly cricket has a strong and passionate fanbase, particularly in South Asia where 92% of our fans come from, whilst there are also 30 million cricket fans in the USA.
"The opportunity for those fans to see their heroes competing for an Olympic medal is tantalising."