Hamilton, along with American tennis star Serena Williams, could each invest up to £10 million as part of a consortium led by former Liverpool chairman Martin Broughton; an offer the Mercedes driver said was too good an opportunity to pass by.
"Chelsea is one of the biggest clubs in the world and most successful," Hamilton said on Friday.
"When I heard about this opportunity, I was like wow, this is this is one of the greatest opportunities to be a part of something so great."
"When I was younger, I was trying to be the best player I could be and actually play for a team … but then I ended up following racing. As a kid, I could have only ever dreamed of being part of a team and an actual integral part of a team, so that’s for me one of the most exciting things.”
The bid is one of three that is still in the running to buy the club and is being fronted by former Liverpool and British Airways chairman Broughton and World Athletics president Sebastian Coe.
And Hamilton said it was Broughton who persuaded him to join the bid.
“Well, naturally I heard about it in the news, everyone’s obviously aware of it. And yeah, we were contacted and Sir Martin spoke to me on the phone and explained his and his team’s goals for if they were to win the bid, which was incredibly exciting and it was very much aligned with my values,” he said.
Hamilton, in turn, helped convince Williams, who is a minority stakeholder in the Miami Dolphins NFL team.
“We spoke multiple times. Serena and I are very close, so we’re constantly in touch,” he said. “You know, she’s a phenomenal athlete and woman.
“We spoke about it, she asked me what my thoughts were on it. And I told her that I’m going to be a part of it, and she was excited to join.”
Russian billionaire Abramovich put Chelsea up for sale on March 2 after Russia's military action of Ukraine and was subsequently targeted by UK sanctions.
Chelsea have been granted a special government licence to continue operating, though under strict terms.
Aside from Broughton's consortium, two other bids have been registered, headed up by Todd Boehly, co-owner of the Los Angeles Dodgers baseball team, and Steve Pagliuca, co-owner of the Boston Celtics basketball team.