Winners of the last three golds, the USA are strong favorites to make it four in a row, though Australia and Spain are among the teams who should provide competition.
Team USA had a far-from-ideal Olympics preparation, losing to Australia in an exhibition game as well as suffering a defeat to Nigeria, while they have also lost some key players to withdrawals.
Kevin Durant said this week the main rivals of USA will go into the Games confident of producing an upset and that their star-studded roster has had "a slap in the face".
While Dellavedova is aware of the scale of the task to beat USA in competitive action, he is clear about the target Australia have set.
Australia lost to Spain in the 2019 World Cup semi-finals and also fell at the last-four stage at Rio 2016, so the former NBA champion wants to take the last steps to glory.
"The bar has been set since before Rio 2016 and the goal has not changed," former Cleveland Cavaliers man Dellavedova said.
"We know we have come up short in Rio and in China [at the World Cup] but the goal is the same.
"We want the gold medal, and we know how tough it is going to be.
"I thought we had a good week [of exhibition games] but you don't really know until you play anyone else. It's still early.
"There's a lot of things we've got to get better at, but incorporating the new guys in, it's been a lot of fun. They've fitted right in, brought a lot of energy and it's been good."
Head coach Nick Kay also goes into the Olympics full of ambition.
He said: "We're here to win. We want to win a gold. It's something that's been eluding us for a long time now and we want to do it, not just for our group but all the Boomers and Australian players that have been there before.
"We have got to stick together, that's our big thing right now. We have got to play hard each possession and do all those little things that make our Boomer culture special."
Nigeria, who also beat USA in a warm-up game, are Australia's first opponents on Sunday.
"I think they've shown a lot," Dellavedova said about Nigeria.
"They've got a lot of great players. Obviously they beat USA earlier in the week. Athletic, aggressive on defence, I think they made 20 or more threes against the US.
"They were really shooting the ball and moving it. It’s going to be tough, and we're going to have to be ready right from the start of the game."