Next year's Games will be held in east London, where Cole began his career at West Ham, and the 30-year-old admitted it would be an honour to return to compete for Olympic gold.
Cole could be selected by Team GB boss Stuart Pearce as one of three over-age players, with David Beckham tipped to fill one of those roles.
Homecoming: Lille star Joe Cole wants to play in next year's Olympics
'I would love to play in the Olympics,' he said at a press conference.
'I would be very excited because it is in London, in east London where I started my football career
'I love the Olympics, I love the sport. I've been trying to get tickets but it is very hard so I better get playing in it.'
Cole is on a season-long loan at French champions Lille as he looks to revive a career that has stalled in the past 12 months.
In charge: Team GB boss Stuart Pearce could pick Cole as one of his two over-aged players
Cole endured an unsuccessful first year at Liverpool last season and has found himself on the outer of England boss Fabio Capello's plans since the World Cup.
The midfielder has not given up on his international career, however, saying: 'If the call comes, I would be very happy because I am a proud Englishman.
'I love playing for my country. If it comes, great. If it doesn't, my main focus is to win some trophies for Lille.'
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