Anne Keothavong and Elena Baltacha have been given wild cards to represent Great Britain in singles at the Olympics while Laura Robson and Heather Watson will compete in the doubles.
No British women qualified by ranking for the tournament, which will be played on Wimbledon's grasscourts, but the Lawn Tennis Association were hopeful host nation status would see them looked upon favourably by the International Tennis Federation, who decide the wild cards.
That has turned out to be the case, with British stalwarts Keothavong, who is from Hackney which is just a matter of miles from the Olympic Stadium, and Baltacha receiving two of the six wild cards available in the women's singles.
Baltacha was told the good news by Fed Cup captain Judy Murray after her first-round win at Wimbledon over Karin Knapp, and she said: "I was very, very emotional at the end, especially with Judy.
"I'm glad no one told me before my match, to be honest, because I would have been all over the place. It was just amazing news. I think that's why we both started crying our eyes out.
"I just can't explain to you how amazing it feels, all my hard work over the last so many years and all the times I have played Fed Cup. Everything has just been so, so worth it. I'm really honoured and privileged that I have been given that chance."
Keothavong, another winner in SW19, over Laura Pous-Tio, was also thrilled to be given the chance to return to the All England Club in a month's time.
She said: "It's just something I've always dreamt about, something I've worked hard towards, and I'm just so proud to say I can be representing Great Britain at the Olympics this year."
Only Andy Murray, whose place was confirmed last week, will compete in the men's singles for the hosts but Murray and his brother Jamie plus Colin Fleming and Ross Hutchins have qualified directly for the men's doubles.
That means there is no wild card for British singles number two James Ward.
He said: "Of course it's disappointing. Every time I have been asked to play Davis Cup I've always represented my country proudly, and I would have done it again.
"It would have been great to be playing the home Olympics in London. It's once-in-a-lifetime thing really. And being from London and obviously now playing well at Wimbledon, it would have been great to play again here again in a few weeks' time.
"But it's not to be. I can't have too many arguments about it. My ranking is not where it needs to be. Being home nation, I thought we had a decent chance. I think the girls have got two, which is... no comment. But what can you do?"
Nineteen of the world's top 20 players will compete in both the men's and women's singles.
Mardy Fish sits out for the USA, while France's Marion Bartoli is not eligible after a fall-out with the French Tennis Federation.
In total, 45 countries will be represented in the Olympic tennis tournament, which will take place from July 28 to August 5.
The direct entries were determined by the rankings on June 11 but no more than four entrants are allowed per country in each singles draw.
Argentina, France, Russia, Spain and the USA all have the maximum of four competitors in the men's singles, while the Czech Republic, Germany, Italy, Romania, Russia, Spain and USA have a full complement in the women's draw.
Perhaps the player most unlucky to miss out is Feliciano Lopez. Ranked 17th at the cut-off point, four other Spaniards were above him.
Svetlana Kuznetsova, the former US and French Open champion, is another high-profile absentee. Despite being ranked 35th in the world at present, she had too many Russians above her at the cut-off point.
Lopez will at least by able to compete in the doubles - he links up with Davis Cup team-mate David Ferrer - while defending singles champion Rafael Nadal will partner Marcel Granollers.
Roger Federer will pair with Stanislas Wawrinka as the Swiss duo look to defend their doubles crown won four years ago in Beijing. Novak Djokovic will play with Viktor Troicki.
As far as controversy is concerned, there is some brewing with regard to Timea Bacsinszky, who is eligible via a protected ranking following injury. However, she is yet to be confirmed by the Swiss Olympic Committee.
When announcing the entries, the ITF said it would "continue to do everything in its power to convince the Swiss Olympic Committee to respect the ITF's qualification criteria" and select her.
Meanwhile, Austrian Tamira Paszek has been declared ineligible "having not met the minimum participation requirements in Fed Cup".
And the Indian selections, which have provoked much debate following a row over who would play with whom in doubles, see Leander Paes partnering Vishnu Vardhan, while Mahesh Bhupathi plays with his regular tour partner Rohan Bopanna.
The All India Tennis Association had originally wanted Paes, the country's top-ranked doubles player, to team with Bhupathi, who refused as he wanted to play with Bopanna. Paes has said he would not play at all if Bhupathi and Bopanna were sent as a team.
Mixed doubles entries will be made once the tournament is under way with a deadline of July 31.
Twelve teams will gain direct entry based on the combined June 11 world rankings of the two players nominated. There will also be four ITF wild cards in the 16-team draw.
Squad: Andy Murray, Jamie Murray, Ross Hutchins, Colin Fleming, Anne Keothavong, Elena Baltacha, Laura Robson, Heather Watson.