The 18-man party contains five Welshmen, with the remainder coming from England. No Scottish or Northern Irish players are in the squad.
The coach said he had picked the squad based entirely on merit, and had not taken nationality into account.
He said: "It has not been an easy task to finalise my squad for this tournament, and the stature of the competition and uniqueness of the occasion has underlined the importance of every choice I have made.
"With just 18 places it is very different from other international tournaments, the options are limited, but it is the Olympic Games and every player in this squad should be very proud they have a chance to compete for a gold medal on home soil."
Pearce's preparations were rocked last week by the withdrawal of Gareth Bale through injury, while eligible players Kyle Walker, Chris Smalling, Kieran Gibbs, Josh McEachran and Jack Rodwell are also missing.
Ryan Giggs, Craig Bellamy and Micah Richards have been confirmed as the three over-age players after David Beckham revealed he had been overlooked.
Great Britain kick off their campaign against Senegal on 26 July, while they are also in a group with Uruguay and United Arab Emirates.
GREAT BRITAIN OLYMPIC SQUAD
Goalkeepers: Jack Butland (Birmingham City, English), Jason Steele (Middlesbrough, English)
Defenders: Ryan Bertrand (Chelsea, English), Steven Caulker (Tottenham, English), Craig Dawson (West Brom, English), Micah Richards (Manchester City, English)*, Danny Rose (Tottenham, English), Neil Taylor (Swansea, Welsh)
Midfielders: Joe Allen (Swansea, Welsh), Jack Cork (Southampton, English), Tom Cleverley (Manchester United, English), Ryan Giggs (Manchester United, Welsh)*, Aaron Ramsey (Arsenal, Welsh)*, James Tomkins (West Ham, English)
Forwards: Craig Bellamy (Liverpool, Welsh)*, Marvin Sordell (Bolton Wanderers, English), Scott Sinclair (Swansea, English), Daniel Sturridge (Chelsea, English)
* Over-23 player.