Woods was asked during his PGA Championship press conference at Bethpage State Park in New York if he would play in Japan if he qualified for the US team.
The reigning Masters Champion said Tokyo 2020 may be his last chance to become an Olympian.
"Would I like to play in the Olympics? Yes. I've never played in the Olympics and I'm sure I won't have any more opportunities going forward at 43 years old now to play in many Olympics.
"That would be a first for me and something that I would certainly welcome if I was part of the team," Woods said.
"Getting there and making the team is going to be the tough part.
"I just know that if I play well in the big events, like I did this year, things will take care of itself."
The 15-time major winner was injured when golf made its return to the Olympics in Rio 2016 while McIlroy was among many big names to skip Brazil's Games amid health concerns surrounding the zika virus.
Also speaking at the PGA Championship, McIlroy said he would represent Ireland ahead of Great Britain if he played in the Olympics but left some doubt over his own participation at Tokyo's Kasumigaseki Country Club.
“More likely than not I will play,” the Northern Irishman said. “I think it would be a great experience."
"It’s just one of those things where it’s just in the middle of a really busy stretch. But yeah, right now in my mind I’ll most likely play.”
Want video tips delivered straight to your inbox? Subscribe to iseekgolf.com newsletters.