A source close to Ramos this week apparently leaked the news that the Real Madrid and Spain defender, who is set to become his country's most-capped player this weekend, wants to go for gold in Tokyo.
According to Spanish newspaper Marca, the team that travels to Japan was expected to be based around the players who won the European Under-21 Championship in June.
There is scope to include a number of more senior players, however, which could open the door for Ramos.
However, the 33-year-old is also expected to play for Spain at Euro 2020, meaning he would face a heavy workload given the tournaments take place almost back to back, with a brief gap in mid-July.
Moreno will be spared having to make a decision on Ramos over the Olympics, as responsibility for that team is set to fall on Spain Under-21 boss Luis de la Fuente.
"I haven't talked about the Olympic Games with him," Moreno said of Ramos.
"That desire defines him as a footballer. He has one more motivation to add to his career. It is difficult, when you have won everything, to stay motivated."
Moreno says Ramos, who will make a record 168th appearance for Spain when La Roja play Norway on Saturday, will need to demonstrate the team would benefit from his presence at the Olympics.
"It would be unfair for everyone to pick someone just because of their name," said Moreno.
"The fair thing is for everyone to maintain a high performance, but Sergio, who I see training every day, will maintain his level.
"When it comes to the time, Luis de la Fuente will have to decide who to take to the Games."
Spain, as hosts, won gold in the 1992 Olympic men's football tournament with a team including Luis Enrique and Pep Guardiola.
They were silver medallists in Sydney eight years later when Xavi and Carles Puyol were in their ranks.