Joe Ingles is confident Australia can assuage the pain of so many Olympic basketball near-misses when they head to Rio 2016.

The Boomers' history in the event is littered with heartbreaking failures, having lost three semi-finals and three quarter-finals in their last seven Games.

But Utah Jazz small forward Ingles senses the tide is about to turn in Brazil.

"From day one we've talked about a medal," the 28-year-old, who averaged 15 points per game in London four years ago, told Omnisport. "I think that's a realistic chance for us.

"We're going to do everything we can as a team and as a country to do that. Saying that, it's obviously not a walk in the park, it's a tough thing, you need a little bit of luck and some good play from the players and good scouting from the coaches.

"But we believe we can come back with a medal."

Andrej Lemanis is the man hoping to mastermind Australia's bid for a spot on the podium and Ingles believes the coach has a strong talent pool to select from, despite the possible injury absence of Dallas Mavericks star Andrew Bogut.

"Andrej's a very cool, calm, collected guy," added Ingles. "He loves what he does. He's good at it.

"It's an interesting group, probably one of the best teams he's coached, so it'll be a management thing for him.

"There's a lot of guys that deserve to play. So he's got probably the most important job to manage it and put the right sets in place for us.

"But if anyone can do it, he can do it."

Ingles knows the United States - winners in 14 of their 17 Olympic appearances - will again be the favourites for gold, but also backed Spain and Lithuania to challenge for top honours.

He feels the Boomers' NBA contingent would be well placed to take on the reigning champions, given their first-hand knowledge of their star-studded line-up.

"If anything it [playing in the NBA] gives us a bit of an advantage, just knowing guys a bit better, knowing guys' tendencies," he explained.

"On the flip side of that they know all of us a lot better as well."

One of Australia's NBA players who will not feature is Ben Simmons, who opted instead to focus on the draft.

It is a decision that Ingles insists he supports, though he concedes the absence of the Philadelphia 76ers' new forward is a blow.

"He would have been a pretty dynamic forward to have," said Ingles. "To have him rebounding and taking the dribble straight out and starting the break for us.

"On the flip side, it is what it is really, it's nothing that we're going to hold against him, it's his decision.

"We all decide whether we want to play or not and at the end of the day it's his decision.

"I can't say what it feels like to be a number one pick, or two, but obviously he's going to have a busy summer and a nice bank account."