The outspoken icon believes he is responsible for his country's failure to secure the accolade due to being restricted from the competition during his professional career
The 71-year-old was in a light-hearted mood at a press conference ahead of the centenary date of his former club Santos.
"Our best players are in this age bracket, it is a medal that Brazil needs to have," Pele told reporters at the Vila Belmiro.
"Do you know why we do not have a gold medal? When I started playing I was 16. When we started, professionals could not play in the Olympics.
"Brazil have never won an Olympics because I never played."
With no such restrictions in place now Santos duo Neymar and Ganso are almost certain to participate in London this year.