Diving Canada's chief technical officer says the team would be content with two medals but would love to leave London with three.
Mitch Geller says Canada's best medal potential will be in the women's three-metre individual and synchro, 10-metre synchro and the men's three-metre individual.
Geller says the team is a longshot in the women's 10-metre and the men's three-metre synchro.
Canada won two silver medals at the Beijing Games in 2008.
"Two medals we'll be quite satisfied, three medals we'll be thrilled," Geller said Thursday of the team's London expectations.
"The interesting thing is the Olympics are ... a very unique environment and all kinds of crazy things happen there," he added during a conference call. "So as I say, anything can happen at the Olympics and we'll keep our fingers crossed that those things are positive for us."
Although some athletes have already established themselves as a lock for the Olympics, Geller won't officially reveal his Olympic roster until after the May 25-27 trials in Montreal.
Jennifer Abel of Laval, Que., will be able to sit out the women's three-metre at the trials, while the duo of Roseline Filion of Laval, and Montreal's Meaghan Benfeito have already gained a 10-metre synchro spot.
Two-time Olympic silver medallist Alexandre Despatie and Regina's Reuben Ross are set to contend in the men's three-metre synchro.
Geller said Despatie, also from Laval, may not be required to dive in the individual three-metre at the trials depending on how other athletes do at next week's Canada Cup Grand Prix meet in Montreal.
Despatie won silver in Beijing.
Canadian divers earn points for Olympic selection based on scores at international competitions.