Chris Coleman is strongly opposed to entering a football Team GB at Tokyo 2020, claiming it would become an 'England Olympic team' and could cost Wales' identity.
England boss Sam Allardyce had indicated he could get behind a reformation of a Team GB for the next Games in four years time, after sides were not entered at the Games in Rio this summer.
Great Britain entered both men's and women's sides into London 2012, but Coleman is adamant that should stay a one-off event amid worries a Team GB could cost Wales their sovereignty with FIFA.
"Anything that could put what we've got here, what we've built here, in jeopardy, we would not be for that," said Coleman, who oversaw Wales' best-ever performance at a major tournament this summer by reaching the semi-finals at Euro 2016.
"Why should we mess about with what we've got? For what? Just because the Olympics were here they had the team set up. To go to the next Olympics where they've got to play a load of games is not fair on our players.
"We don't owe anything to anyone anyway. The one thing we've got around us at the minute - and you can smell it on us - is the players have got an identity.
"They put the jersey on and they wear it with pride. That's all our nation has ever wanted. They want to see a team on the pitch ready to empty it for the jersey and the badge.
"That's what we've got, so there's no need to mess about with that."
Coleman said Team GB would only be interested in "cherry-picking" the best players such as Gareth Bale and Aaron Ramsey.
"If you look at it anyway, it's not as if they're picking the best of the best - it's Under-23s and then three over-age players," said Coleman.
"We know they're only going to take two or three of them. It should be called the England Olympic team really.
"But they'll cherry-pick Baleo or Rambo - but why should we allow them to take the best and throw them back to us?"
Coleman - who was linked with Hull City this summer before the Football Association of Wales turned down an approach to speak to him - believes the added fixtures that come with the Olympics would be too much of a strain for players.
"Our boys have a lot of football, what they don't need is another tournament," said Coleman.
"It's not just the football, it's being in camp and being away every day. There's more pressure and more preparation.
"I don't think it's fair on them, and I'm talking about the England players as well."