The International Olympic Committee has approved the inclusion of ICC as a part of their group. This means that the ICC will be allowed for the participation of cricket in the Olympics in 2020. However, it is not yet sure whether the IOC is actually going to go down that road yet. 
Along with cricket, power boating sport climbing can now bid to join the 2020 games. However, according to the ICC, there are no great plans to do so yet.
Cricket has featured in the Olympics once before, that is, in the 1900 Olympics when Great Britain beat France to win the gold medal. However, it has never been played after that, despite getting a lot of support from various players.
In 1998, cricket was also included in the Commonwealth Games played in Malaysia. South Africa beat Australia to win that gold medal. However, the matches then did not have official status and there was not much interest generated.
Apart from Adam Gilchrist, who had made a point for cricket to be included at the 2020 games, Steve Waugh, Stephen Fleming, Kumar Sangakkara, Sourav Ganguly, VVS Laxman and Yuvraj Singh have also pushed for the same.
However, cricket will receive competition from sports like golf, karate and baseball if they did bid for the same.