Not played in enough countries yet to qualify. It was in the World Games in 2002 and will likely return to the World Games before it ends up in the Olympics.
Whether or not its an official Olympic sport something will need to be done if Chicago gets the summer games in 2016. The world will be in town and hopefully a championship caliber course will be in the area by then (likely in adjacent Lake County) and a PDGA event can take place. Press releases can be sent to the myriad of world news organizations and somebody will come by to check it out. It would be real cool if the top competitors in the discus competition were invited to be spectators and to take a couple of throws for the cameras along with whoever are the top players by then. I am no longer an ultimate player (too old!) but would imagine that ultimate players would feel the same about 2016.