Manchester United forward's three-game ban could result in him missing the tournament if Three Lions fall at the first hurdle but he could be selected to appear at London 2012
The Manchester United man picked up a red card for kicking out at Montenegro defender Miodrag Dzudovic earlier this month, an offence for which Rooney later received a three-match suspension for the Three Lions in competitive fixtures. As such, he would miss all three of England's group games.
The FA had previously said that no player would play at both tournaments but youngsters like Jack Wilshere and Danny Welbeck's rise to prominence has challenged this.
The FA's Director of Communications Adrian Bevington told a press conference: “Obviously, our real hope and aspiration at this point is Wayne can be available for the European Championship.
"Once we know where we stand it’s one for Stuart [Pearce] and Fabio [Capello] really.
“What we’re not going to do today is lock ourselves into a situation where we say no-one who goes to the Euros could actually go to the Olympics.
“But, obviously, any of the situations would have to be managed sensitively and sensibly.”
Stuart Pearce will be able to name three over-23 players in the in his 18-man squad for Team GB. One could be Rooney with veteran midfielders Ryan Giggs and David Beckham, who have expressed an interest in representing Great Britain at the London games, potentially set to fill the other spots.