Leon Taylor, who won a silver medal in the synchronised diving event with Peter Waterfield, told journalists he had auditioned for the advertisement, which was created by TBWA\London.
He said: "I was hoping to get the part of one of the good divers who are seen before Peter does that dive. But I was 24 at the time and you have to be 25 to advertise beer."
In the ad, which won a Gold Lion at Cannes in 2003, Kay is shown taking part in a diving competition, only to beat his rivals by performing a "bomb". Taylor said he wanted to give credit to the ad even though it made fun of his sport.
"Any publicity is great and I hope we now ride on the back of that and raise the profile of diving," he said.
Taylor and Waterfield beat an Australian team to take the silver medal in the 10m synchronised platform event, giving Great Britain its first medal of the games. A Chinese pair won the gold.
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