Cricket had last featured in Olympics over 120 years ago.
According to ICC, a working group to lead the bid has been assembled, which will be headed by England and Wales Cricket Board (ECB) chair Ian Watmore.
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Watmore will be joined by ICC independent director Indra Nooyi, Chair of Zimbabwe Cricket Tavengwa Mukuhlani, ICC associate member director and vice president of the Asian Cricket Council Mahinda Vallipuram and USA Cricket chairman Parag Marathe.
Cricket had last featured in Olympics over 120 years ago, in the year 1900 when only two teams competed at the event – Great Britain and host France.
"Thirty-million cricket fans live in the USA, making LA 2028 the ideal Games for cricket to make its return to Olympic competition... the sport's inclusion in 2028 would mark the end of a 128-year absence," a statement read.
Cricket will also be a part of 2022 Commonwealth Games in Birmingham, which shapes as a perfect showcase for what the sport can bring to the Olympics.
ICC Chairman Greg Barclay said the addition of cricket to the Olympic Games would be beneficial to both the sport and the Games themselves.
“Firstly on behalf of everyone at the ICC, I would like to congratulate the IOC, Tokyo 2020, and the people of Japan for staging such an incredible Games in such difficult circumstances. It truly was fantastic to watch and captured the imagination of the world and we would love for cricket to be a part of future Games,” Barclay said.
“Our sport is united behind this bid, and we see the Olympics as a part of cricket’s long-term future. We have more than a billion fans globally and almost 90 percent of them want to see cricket at the Olympics.
Barclay added: “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.”
“We believe cricket would be a great addition to the Olympic Games, but we know it won’t be easy to secure our inclusion as there are so many other great sports out there wanting to do the same. But we feel now is the time to put our best foot forward and show what a great partnership cricket and the Olympics are.”