The sport-in-a-room should score heavily in the votes to be announced in October because it is well represented in developing parts of the world, and in Asia, and among Muslim women, says Nicol, who is an ambassador for his sport's bid.
“Represented among the top players in the world there is a huge variety of countries not necessarily going to be in the top part of the Olympic medal table,” said Nicol, who won four Commonwealth gold medals and was world number one for a total of 60 months - but was denied the chance to play in an Olympics.
“Nicol David has been world number one for nearly three years and could win a gold medal for Malaysia which would be the first Olympic gold Malaysia has won,” said Nicol, who was making a presentation at the ATCO Super Series finals at Queens Club.
“Egypt currently has three men in the world's top four, and Mexico has Samantha Teran who is highly ranked now.
“We have got players from all over the world achieving great things in squash, which is appealing to the Olympic movement.
“We can take the Olympics into new markets, and the Games would do the same for us. Countries not well represented in the medal charts would succeed.”
Squash also considers its strengths to be maximum impact at minimal cost. It can place a portable court at any venue in almost any place, and especially where there is a spectacular backdrop, attracting television and enhancing a city's profile.
It is also economical, leaves no waste, and will create a legacy of courts to the host country, Nicol pointed out.
Squash's long-term weakness, not televising well, has been largely eradicated by new technology which makes the ball much more visible. It can also claim to be one of the healthiest of sports and would offer the organisational advantage of having minimal athlete numbers at the Games.
It was also the new sport which got the closest to inclusion for the London 2012 Games. However it faces tougher competition this time from six sports – golf, baseball, softball, rugby sevens, karate, and rollers sports.
A decision on which of these sports should occupy two places available for 2016 will be made in Copenhagen in October.