"We presented our case really well, fulfilling all the criteria. Yet, in the end, we didn't get the result we deserved," Nicol told reporters at the 2013 CIMB Malaysian Open Squash Championships press conference at the Nicol David Arena, National Squash Centre, in Bukit Jalil here on Tuesday.
She was referring to Sunday's decision by the International Olympic Committee (IOC) in Buenos Aires to dismiss squash's case in favour of wrestling.
"It's just heartbreaking, knowing that we have so much to offer...the best part of the whole campaign was to see the squash fraternity coming together so strongly for this," said the 30-year-old.
Nicol was among the key figures in the 'Back the Bid 2020' campaign.
It was squash's third failed attempt to get into the Olympics programme.
On whether the World Squash Federation would bid again for the 2024 Olympics, Nicol said: "Of course squash will consider all the possibilities to make it work. It's not just about me and the current batch of top players. It's about the future of squash.
"After all, we'll have a new IOC president, so who knows it could go our way in the future. I believe squash will eventually have its chance."
However, Nicol said her focus now was on the Malaysian Open.
The seven-time world champion failed to defend the title last year after losing to Raneem El Weleily from Egypt.