British sprinter Chambers is poised to hear next week whether his lifetime Olympic ban for drug use will be overturned in time for this summer's event.
However, Fredericks wants the BOA to maintain their stubborn stance on drug cheats and has called on Team GB athletes to support them by boycotting the Games if Chambers is selected.
"I really respect the bylaws of the BOA. They have taken a stand to say we don't want a cheat. For the athletes to vote for that bylaw is something incredible," said Fredericks.
"It would be nice if the athletes can come out and say, 'OK even if CAS decides, Dwain Chambers and [cyclist] David Millar go to the Olympic Games, then we're not going to go. This is our bylaw. These are the values that we believe in.'
"Then the country can decide: either we have these two cheats or we have athletes who are clean."
Namibian legend Fredericks won silver medals in the 100m and 200m in the 1992 Games in Barcelona and then four years later in Atlanta.