Having won the World Cup at both Sevens and 15s, Dallaglio knows first-hand the benefits that the sport could bring to the Olympic family.
"I speak for the entire Rugby Family when I say that we believe that Rugby would strengthen and support the Olympic Movement and that the Olympic Games would be great for Rugby," said the ex-London Wasps and England skipper.
"Rugby Sevens is played by the quickest, fittest and most agile players. It is an exciting, fast and free flowing game that is great for young people and enjoyed by men, women and families everywhere.
"I have some of my greatest memories from winning the 1993 RWC Sevens in Edinburgh and am thrilled to see how quickly the game has grown since then.
"(Including Rugby Sevens in the Olympics would mean) Being part of the world's greatest sporting event and extending the reach of the Games, particularly to more young people, for years to come."
Springbok star Bryan Habana, one of the men the Lions will have to keep a close eye on this summer, has already backed the campaign, as has former Argentina scrum-half Agustin Pichot.