"In life you don't always get what you want," the Jamaican told Reuters television after visiting FIFA president Sepp Blatter at the headquarters of football's world governing body.
"It wouldn't be the greatest moment, but I would understand because I've had my time, I've been dominant for a long time."
"So, if I get to Rio and it doesn't happen, I would have to understand because I'm getting older and there are greater athletes coming up," added Bolt who turned 27 a week ago.
"I know the athletes have to work harder to step their game up, and be the best. For me, I'll be happy for the sport because it would mean its stepping up and moving on."
Earlier, Bolt, who will compete in the Zurich Diamond League meeting on Thursday, was handed a ticket for the 2014 World Cup final by Blatter along with a furry toy depicting the tournament mascot, a grinning blue and yellow armadillo named Fuleco.
"To go to Rio and win again would be a feat in itself, because it would be the first time anybody has ever won three times in a row so that would also add to my greatness," he said.
"As an athlete you are always pushing the limit and for me I want to continue pushing the barrier," added Bolt, who won the 100 and 200 metres double at the 2008 and 2012 Olympics and will be approaching his 30th birthday in Rio in 2016.
"At the end of the day I want to be remembered among the greatest athletes, Pele, (Diego) Maradona, Michael Johnson."
Bolt also commented on a suggestion that he could take up a sports administration role after retiring as an athlete, but said he might be "too lazy" for the role.
"I have thought about it, I have to admit I'm slightly lazy, but we'll see where it goes," he said.
- Sports & Recreation
- Sepp Blatter