The 21-year-old has been chosen to represent Australia in the 2015 World University Games in Gwangju, South Korea, starting on July 3.
To qualify for the University Games, competitors must run a 1 minute 47.3 second time. The Olympic qualifying time is 1.45.8.
Bol has already achieved that time by running a 1.46.5 and said Rio 2016 was his aim.
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The 21-year-old started running 800m when he was in high school.
He was playing basketball at the time and a teacher asked him to have a go at athletics and he competed in his first race in December, 2010, running a 2.05.
Bol's coach Bernie Catley has been coaching him for five years and said he was a great chance at making the Olympics.
"He is only 0.70 off qualifying." he said.
"We've been working towards Rio 2016 since he started with me in December, 2009.
"He's a dedicated, motivated and inspiring athlete to his younger training partners in the group who all look up to him and want to follow in his footsteps.
"I believe Peter has what it takes to make the 2016 Olympics Team."
He said next season would be tough because everyone was aiming towards Rio 2016.
Catley also said it was possible for Bol to break the Australian 800m record, which was jointly held by Ralph Doubell and Alexander Rowe with a time of 1.44.4.
Bol has been training four to five days a week to improve his speed and endurance, worked in with recovery sessions, during the past few years.
"It's (the University Games) something that was my initial goal for this year and (to) run that time and get selected," he said.
Bol, who is studying construction management and economics at Curtin University, is not afraid to make sacrifices.
He has already changed some of his university units to online options to make sure it fits in with his training.
"I think running and study go together because I train two hours a day and I get time to study and still have my social life, and I could also work casual," he said.