Goodwin, who competed as a long jumper in the 2012 Summer Olympics in London, will try to earn a spot on the Olympic team in the long jump or sprinting events during the Olympic trials in Eugene, Oregon, this July.
If Goodwin qualifies for the Olympics, he could miss time during the Bills' training camp and their preseason in August.
"That's for me to discuss with Coach Rex [Ryan] and the staff," he said Monday. "But if that's what it takes, and if everybody's on board, then that's what's gonna happen."
Goodwin also plans on competing in the International Association of Athletics Federations World Indoor Championships this March.
"I'll be doing track this offseason," he said. "Just trying to accomplish all the dreams I set out to do, while I can, while I'm still able-bodied. As I mentioned plenty of times before, I got a sister who never walked a day in her life. And if she had the ability to do something, she'd do it to the best of her ability, everything she could. So why not take advantage of what I have, the blessings that I was blessed with, instead of just limiting myself to football, when I could be [competing in] two sports."
The Bills' 2013 third-round pick was limited to two games this season because of broken ribs. He has dealt with several injuries during his career and has been limited to a total of three catches over the past two seasons.
As he enters the final season of his rookie contract, his future in Buffalo is uncertain.
"I don't worry about anything," he said Monday. "I'm the fastest dude in the league. So somebody would want me -- hopefully the Bills would want me -- but somebody gonna want me at the end of the day, but if not, that's just the plan that God has for me."