A strong 18-man line-up also includes Napoli's in-demand forward Edinson Cavani, who continues to be linked with big-money moves to Europe's top clubs.
Suarez, Cavani and Arevalo Rios have been selected as over-age players.
Suarez's involvement at the London Games means he will miss part of Liverpool's pre-season preparations.
The Reds will, however, believe that his involvement in competitive football can only be beneficial to their 2012/13 plans.
Reigning Copa America champions Uruguay are considered to be among the favourites to claim a gold medal this summer.
They have been placed in Group A for the 2012 football tournament and will face the United Arab Emirates, Senegal and hosts Team GB.
Uruguay Olympic squad:
Goalkeepers: Martín Campana, Leandro Gelpi
Defenders: Ramon Arias, Sebastian Coates, Alexis Rolin, Emiliano Albin, Diego Polenta, Matias Aguirregaray
Midfielders: Maximiliano Calzada, Egidio Arevalo Rios, Diego Rodriguez, Gaston Ramirez, Nicolas Lodeiro
Forwards: Luis Suarez, Edinson Cavani, Abel Hernandez, Tabare Viudez, Jonathan Urretaviscaya
Ajax has released their away soccer jersey for the 2013/14 season. Get in the Gear.
Borussia Dortmund hears Wembley Calling and are headed to London for the Champions League final.
The new PUMA evoSPEED 1.2 FG. A great new soccer cleat with classic look and first time for PUMA to be on the cleat.
The Liverpool 2013/14 soccer jersey is available for pre-order. The Reds are eager to compete for silver next season.
Chelsea won the Europa League on Wednesday. The Blues defeated Benfica 2-1 on injury time goal from Ivanovic.
One of the top soccer cleats for control the Nike CTR360 will not let you down on the field in tight spaces.
The Juventus jersey for the 2013/14 was released earlier this week. Be the first to wear the colors of the Old Lady.
The adidas Nitrocharge is the most talked about new cleat in years. It was released on May 15 and will take your pitch by storm.
adidas has added some color to the Predator line with this new colorway. Released on May 17. Be the first to own a pair.
The push for more color on their cleats, adidas has added the infrared colorway to the adiZero f50 Line.