The Wolves striker has been named on the 35-man list, but could face competition from David Beckham, Ryan Giggs and Craig Bellamy for an over-23 place
The 25-year-old, who was part of the Wolves side that were relegated from the Premier League last season, was one of the bright lights in an otherwise poor campaign for the Midlands club.
And his performances have certainly gained recognition from Stuart Pearce, who has been given the reins of the Great Britain side during the Games.
Fletcher, a £6.5 million signing from Burnley in 2010, struggled to adapt in his first season at Molineux but scored 12 Premier League goals in 2011-12, although he was unable to prevent his side from being relegated to the Championship.
Former Manchester City coach Pearce has until the first week of July to name his final squad for the tournament, but arguably his most difficult decision will be filling his allowance of three over-23 players.
David Beckham, who has won 115 caps for England, and Ryan Giggs are known to be keen on playing together again, and Pearce reportedly flew to the United States to watch Beckham play, fuelling speculation that he could be selected.
Fletcher will be concerned to see that another over-23 player, former Wales captain Craig Bellamy, is also willing to play for Team GB, and the 32-year-old went as far as saying that Pearce had promised him a place in his 18-man squad for the Olympics.
Should Fletcher earn a place in the final selection, he will travel with the side to Old Trafford on July 26 for their opening game against Senegal, followed by games against UAE and Uruguay.