Along with the likes of fellow Welshman Ryan Giggs and England's David Beckham, 32-year-old Bellamy has been seen as one of the favourites to to take one of three overage slots in Stuart Pearce's squad.
The Sun picked up on Bellamy quotes at a behind-closed-doors event in Singapore where he said: "I am in the Olympic squad - but I was supposed to keep it quiet.
"It's a different challenge. I had a difficult season with Liverpool but the Olympics is a one-off."
Great Britain have been drawn against Senegal, United Arab Emirates and Uruguay in Group A.
Bellamy earned his 69th cap for Wales in last week's friendly defeat to Mexico.
He returned for a second spell at Liverpool in August last year and scored nine goals last season for the Reds.