The young midfielder has been rewarded for his excellent form in the past few months with a call-up for the national side as all the big names have been included
The match will be played in Bari, the city where Alcantara was born, which will likely make his first call-up for Spain's senior side even more special for the young midfielder.
Arsenal captain Cesc Fabregas has been left out of the squad as the 24-year-old has been unable to make an impact for the Gunners in pre-season due to minor injury problems.
Additionally, Barcelona defender Carles Puyol is not yet fully match fit as he recovers from a knee injury and has been left out of the squad.
New Benfica full-back Joan Capdevila has also been omitted from Del Bosque's squad.
The match between the 2006 and 2010 World Cup winners will be held on August 10.
Goalkeepers: Casillas (Real Madrid), Valdes (Barcelona), Reina (Liverpool)
Defenders: Iraola (Athletic Bilbao), Ramos (Real Madrid), Arbeloa (Real Madrid), Albiol (Real Madrid), Pique (Barcelona)
Midfielders: Busquets (Barcelona), Iniesta (Barcelona), Xavi (Barcelona), Thiago Alcantara (Barcelona), Xabi Alonso (Real Madrid), Javi Martinez (Athletic Bilbao), Cazorla (Malaga), David Silva (Manchester City)
Attackers: Villa (Barcelona), Pedro (Barcelona), Llorente (Athletic Bilbao), Torres (Chelsea), Negredo (Sevilla), Mata (Valencia)