The Everton left-back was included in the final 30 by Fabio Capello two years ago for the tournament in South Africa only to lose out to Cole and Stephen Warnock when it was trimmed down to 23.
This time Baines is in the party who will bid for glory in Poland and Ukraine but is aware Ashley Cole's outstanding form means he will find it difficult to taste any action during the Euro finals.
Baines said: "It's nice to get the call. Last time it was an initial 30-man squad and you were hanging around for a couple of weeks.
"Then you had the disappointment that comes with not making the final squad.
"Hopefully this call-up goes a bit to making up for that a little bit.
"Now it's just about getting through the next couple of weeks and the manager (Roy Hodgson) getting his points and ideas across and us taking them on board."
Baines is a big admirer of Cole but admits he is starting to feel part of the England set-up after starting the last three internationals - including the 1-0 weekend win in Norway.
He said: "Ashley is a top, top player so it would be very difficult to get into the team.
"My job at the moment is to do the best I can and, if at any point I'm called upon, step in and do as good a job as I can.
"But at the moment, Ashley is on top of his game and it will be tough to dislodge him.
"The good thing is I've started the last three games and am starting to really feel part of the squad.
"It's something you grow into almost and starting games is going to help you do that."
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