The 32-year-old, who retired from cycling after taking gold and silver at London 2012, said winning is not her only motivation for taking part in the show.
Pendleton told the Radio Times: "I have been the best in the world at something already. I can't be greedy."
She explained that part of the reason she wanted to appear on Strictly was to keep active after leaving her sport.
"Other people would have taken a holiday, but stopping training entirely and losing the structure of a daily routine would have been impossible for me," Pendleton said.
The Olympic gold medallist recently admitted she used to self-harm because of the pressure of her early career.
> 'Strictly Come Dancing's Victoria Pendleton 'worried over injuries'
> Victoria Pendleton fears looking pale on 'Strictly Come Dancing'
> 'Strictly Come Dancing' new promotional pictures revealed