The Arsenal duo have been selected despite enduring injury-plagued seasons and have been included alongside fellow youngsters Ross Barkley, Luke Shaw and Raheem Sterling
Wilshere made his comeback from his latest setback at Norwich on Sunday having been out since early March after he injured his ankle on international duty in a collision with Liverpool's Daniel Agger.
Oxlade-Chamberlain missed the first half of the campaign with a knee ligament injury and remains a doubt for Arsenal's FA Cup final against Hull on Saturday with a groin problem, although his manager Arsene Wenger insists Hodgson should have few worries over the fitness of either of his young midfielders.
"The World Cup is in one month, so there is plenty of time," Wenger said after the win over Norwich.
"Wilshere can play now, so it shows you that there is no problem for him to be available for England. The news (on Oxlade-Chamberlain) is good. He should re-integrate into the squad on Wednesday in normal training."
Meanwhile, youngsters Luke Shaw, Ross Barkley and Raheem Sterling have been rewarded for their fine club form with a place in Hodgson's squad.
News broke late on Sunday evening that Chelsea left-back Ashley Cole would not be named in the travelling party and would retire from international football, meaning the official announcement in Luton on Monday afternoon delivered few surprises.
Southampton left-back Shaw, 18, has enjoyed an impressive season in the Premier League and will vie with Leighton Baines for the left-back berth in Cole's absence.
Barkley, 20, and Sterling, 19, have also stood out for Everton and Liverpool, respectively, and represent a new era for the Three Lions.
Shaw's Saints team-mates Adam Lallana and Rickie Lambert have also been called up, while Manchester United defender Phil Jones is also in despite picking up a shoulder injury against Hull City.
Jones' club-mates Chris Smalling, Wayne Rooney and Danny Welbeck are also included, alongside Liverpool's Daniel Sturridge, who scored 21 Premier League last season, and fellow Reds Glen Johnson, Jordan Henderson and Steven Gerrard.
Frank Lampard has been named in his third consecutive World Cup squad following appearances in 2006 and 2010, though this season has been the first since 2002-03 that he has not reached double figures in terms of goals.