Khedira is the headline absentee from the Low's first selection since Die Mannschaft were knocked out of the World Cup in the group stage.
Arsenal star Mesut Ozil is out after retiring from international football, but Sane's City team-mate Ilkay Gundogan keeps his place after apologising for the pair meeting Turkey president Recep Tayyip Erdogan.
Low, who remains in charge despite Germany's poor title defence in Russia, explained the door remains open for Khedira to return.
"I had a long conversation with Sami Khedira," Low said on Wednesday. "He told me: 'You do not retire from the national team'.
"But I told him that I wanted to create space in his position and that we will continue our talks when the time comes. He set himself clear goals and has also taken on responsibility after this World Cup."
Germany face France in their first Nations League match on September 6 and Low's men take on Peru in a friendly three days later.
Kevin Trapp, Marvin Plattenhardt and Sebastian Rudy – who joined Schalke from Bayern this week – miss out, but Leon Goretzka is in despite suffering a sprain in Bastian Schweinsteiger's testimonial on Tuesday.
Germany squad in full:
Jerome Boateng (Bayern Munich), Matthias Ginter (Borussia Monchengladbach), Jonas Hector (Cologne), Mats Hummels (Bayern Munich), Thilo Kehrer (Paris Saint-Germain), Joshua Kimmich (Bayern Munich), Antonio Rudiger (Chelsea), Nico Schulz (Hoffenheim), Niklas Sule (Bayern Munich), Jonathan Tah (Bayer Leverkusen);
Julian Brandt (Bayer Leverkusen), Julian Draxler (Paris Saint-Germain), Leon Goretzka (Bayern Munich), Ilkay Gundogan (Manchester City), Kai Havertz (Bayer Leverkusen), Toni Kroos (Real Madrid), Marco Reus (Borussia Dortmund), Leroy Sane (Manchester City), Thomas Muller (Bayern Munich), Nils Petersen (Freiburg), Timo Werner (RB Leipzig)