Only the Welshman has been granted the chance to feature in the squad as he has never played in an international tournament before with other overaged players to be withdrawn
Widespread reports suggest it has asked Stuart Pearce to rule out Jonny Evans, Paul Scholes, Wayne Rooney and Rio Ferdinand.
A ruling made back in 2008 allows clubs to refuse players from linking up with the Olympics teams as it is not part of the international calendar.
However, United is only refusing players over-23 from being part of the tournament, so this allows Tom Cleverley, Danny Welbeck, Phil Jones and Chris Smalling the chance to play - unless they have already been selected for Euro 2012 by new England boss Roy Hodgson.
Thirty-eight-year-old Giggs has never featured in an international tournament and will apparently be allowed to feature should Pearce pick him for his squad.
The Welsh international is hopeful of a call-up but it hangs in the balance of the Football Association of Wales as it is reportedly not in favor of joining Team GB, though it is believed it too would allow Giggs to play.
The FA has refused to confirm the letter but will let United its wish as it is allowing the winger and those not featuring in Poland and Ukraine a chance to be in the British Olympic team.
Ferguson had also earlier revealed Mexico international Javier Hernandez won't be joining up with his Olympic team after originally being selected to be part as an over-23 player, but both parties agreed to give the striker the summer off.
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