The former Australia wicket-keeper/batsman is convinced the short format is the ideal way to spread the game around the globe to non-traditional cricket countries and that the Olympics is the perfect setting for the achievement of that ambition.
Gilchrist, who made his comments while giving the annual MCC Spirit of Cricket Cowdrey Lecture at Lord`s on Wednesday, has long been convinced of the merits of Twenty20.
But he has since led the Deccan Chargers to the 2009 Indian Premier League Twenty20 title and the 37-year-old, speaking just days after Pakistan won the World Twenty20 final at Lord`s, said: "We must actively pursue Twenty20`s inclusion as an Olympic sport.
"It is a great challenge, but what a great and worthwhile challenge."
"It would be difficult to see a better or more effective way to spread the game throughout the world."
Gilchrist who became well-known for his habit of `walking` when he knew he was out rather than waiting for the umpire`s decision, said cricket`s ethos sat well with Olympic sporting values.
"What better way for the IOC (International Olympic Committee) to spread the Olympic brand and ideals than on the back of Twenty20 cricket?" he asked.
"If it became an Olympic sport, many countries would be playing cricket for the first time in their history."
"It should sit at the heart of the ICC`s global strategy. In my opinion, every cricket administrator should promote Olympic ambition for our sport."
However, Gilchrist - speaking just a fortnight before the latest Ashes series - stressed the enduring importance of Test cricket.
But he also said: "Test cricket will always remain completely inaccessible to those who are unfamiliar with it.
"To preserve its future, we must make less more. We should go back to the future, with fewer Test matches but more important ones."
"Twenty20 cricket ... will never ever be or should it attempt to be Test cricket."
"But as members of the international cricket community, the most important thing is to approach any new development as an opportunity rather than a problem."
Golf, baseball, softball, rugby sevens, karate, squash and rollers sports are all competing for a place in the 2016 Olympic programme.
A decision on which, if any, of these sports should occupy two places said to be available for 2016 will be made in Copenhagen in October.
Gilchrist was a key member of the Australia team that has set the standards in Test and 50-over cricket since the late 1990s.
He became on Wednesday the youngest person to give a lecture established in 2001 in memory of the late former England captain Colin Cowdrey.
