Richardson said that the international governing body of cricket will this year submit an application for inclusion of the game in the 2024 Olympics.

Cricket last appeared at the 1900 Paris Olympics when only two teams -- Great Britain and France -- were involved. 

"We need to make a decision by July so we can make an application in time for September, when, as I understand it, the IOC will consider new sports for 2024," Richardson was quoted as saying by the guardian.com.

"I think the majority of the members -- and certainly myself -- think the time is right and we've come to the conclusion that the overall benefit to the game in terms of globalising and growing it outweigh any negatives, so I'm hoping," he added.

The former South African cricketer also revealed the format of the game. He said the a Twenty20 (T20) tournament between six to eight teams will be the most likely format for the Olympics.

"T20 is the ideal format and we'd say even better than rugby sevens as it's actually one of the mainstream formats of cricket," he said.