Former world number one Hewitt announced last week he would not compete in Athens because the dates were too close to the U.S. Open, the year's fourth major which begins a week after the Olympics.
"I want to play in the Olympics tennis because in four more years I will be 28 years old," Ferrero said.
"I think next year I have the opportunity to win a medal," he told reporters on Monday in a telephone conference call from Spain.
The French Open champion will play in the Sydney international tournament next month before the Australian Open, which begins in Melbourne on January 19.
He said revenge for Australia's defeat of Spain in the Davis Cup final last month would not be high on his agenda.
Ferrero was beaten by Hewitt and Philippoussis in two tough five-set matches as Australia went on to claim their 28th Davis Cup title.
"I don't want revenge because they played very good," Ferrero said.
"It was two losses for me but now I've really recuperated from this," he said.
Ferrero said in September he was considering skipping the Australian Open, the season-opening grand slam, because he needed a rest after a hectic year.
The Spaniard had his best Australian Open result this year when he reached the quarter-finals on the Rebound Ace courts, his least favourite surface.
"I have to defend a lot of (ranking) points in Australia, in Sydney and Melbourne ... so I have to progress to play at the same level as this year because I played very well," Ferrero said.
