"In the 5,000 metres there's already more than six athletes who've qualified and also most of them are really good," he says.
At 27-years-old he has already broken an astonishing 15 world records, establishing himself as one of the greatest runners of all time and the undisputed king of long distance running.
And his showing in Sydney is sure to come as welcome relief to his countrymen, still reeling from a devastating drought and a bitter border war with neighbouring Eritrea that has seen thousands killed.
Last time out in Atlanta, He won the 10,000 metres gold in an Olympic record time.
But he has decided he will only run in the longer of the two distances.
Chance for compatriots
He says he wants to give his fellow Ethiopian countrymen an opportunity to shine.
"In the 5,000 metres there's already more than six athletes who've qualified and also most of them are really good," he says.
"That is why I have to give a chance for those athletes because they're good enough for Olympic Games".
Gebrselassie has won four consecutive world championships in the 10,000, and is hot favourite to retain his Olympic title.
Achilles
However, he knows he is not infallible - and he spent much of last year at home resting an achilles heel injury.
"I already did one Olympic Games and to do it again is wonderful, I'll try to defend, " he says.
After Sydney, Gebrselassie is supposed to be planning a change.
He says he going to take up marathon running. And marathon runners will need to watch out.
He is not used to finishing second.
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