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The ICC has gained recognition from the International Olympic Committee - the first step in the sport's possible return to the Olympic Games. Cricket last featured in the 1900 Paris Games. ICC President Ray Mali welcomed the news:

"This is great news for cricket. The Olympic Movement is instantly recognisable around the world and for cricket to be a part of that again has to be a good thing. The ICC and IOC share similar values, such as a spirit of fair play in a competitive but ultimately friendly environment. Cricket – like all sports – should be played hard but fair and I think the special atmosphere that surrounds the Olympic Games demonstrates all that is good about sport."

"Our goal has been to become an international federation that is recognised by the IOC and we are pleased to have achieved this target. We want to play an active role in the Olympic Movement and we will be looking at ways in which we can work with the IOC for the benefit of cricket, sport and society in general. Cricket last featured in the Olympic Games in 1900. Maybe one day it will be right for cricket to return to the Olympic programme."

I think the ICC's development programmes will have a lot of work to do before cricket's ready for the Olympics again (although cricket at the Commonwealth Games is looking a good bet in the near future), but at least the ambition is there.
ICC - ICC statement following its acceptance as a federation recognised by the International Olympic Committee