The former England captain has not played for his country since 2009 but hoped to represent Great Britain at the 2012 Games in London after making coach Stuart Pearce's 35-man shortlist.
Liverpool forward Craig Bellamy confirmed that he had been included in the final group earlier in June as one of three over-age players permitted, while Goal.com has learned that Manchester City defender Micah Richards is another.
Reports have suggested that Ryan Giggs is the final over-23-year-old in Pearce's plans, meaning that all three over-age picks currently ply their trade in the Premier League.
Despite Beckham playing in the less-illustrious MLS, his leadership skills and experience at major tournaments had been touted as potentially valuable to a young squad filled with future full internationals.
Beckham has also been heavily involved in the process of bringing the games to London and is likely to feature at events such as the opening ceremony due to his high profile.
But should he have been involved as the star name in the Team GB football line-up?
Should Stuart Pearce have picked Beckham? Or was he right to lean towards Premier League names such as Bellamy and Richards? Have your say by voting in our poll below, or getting in touch via Facebook and Twitter.