The Chicago Bulls All-Star will front a 12-strong squad named by coach Chris Finch, which also includes former Toronto Raptors player Pops Mensah-Bonsu.
NBA stars Ben Gordon and Byron Mullen, who had indicated their intention to be involved, are omitted after deciding not to be part of the recent training camp.
Despite this Finch claims it is the strongest roster he has named since the formation of the team seven years ago, with every player fit and firing after spending a week at Team GB's preparation camp in Loughborough.
Londoner Andrew Sullivan will captain the side and is one of just two players, the other being Nate Reinking, who plays their club basketball in Great Britain.
Finch will look to Deng and Mensah-Bonsu as his star men, alongside Rob Archibald, Joel Freeland and Dan Clark, who all play in the highly-competitive Spanish league.
Completing the squad is Kieron Achara - who plays for Assignia Manresa in Spain - Eric Boeteng, Kyle Johnson, Andrew Lawrence and Mike Lenzly.
Finch made the decision on his final roster after a training camp in Houston last week, with Ogo Adegboye, Matthew Bryan-Amaning, Myles Hesson and Devon van Oostrum the last players cut from his squad.
"This has been an incredible journey so far for this team since 2006 and we are very pleased to announce our strongest ever team," said Finch.
"I would like to congratulate all those who have been selected and at the same time pay tribute to those players that have just missed out.
"It's only through building our depth that we can continue to compete at the highest levels of international basketball and I am hoping those who just missed this time around will be with us on the road to Rio."
Squad: Kieron Achara, Robert Archibald, Eric Boateng, Dan Clark, Luol Deng, Joel Freeland, Kyle Johnson, Andrew Lawrence, Mike Lenzly, Pops Mensa-Bonsu, Nate Reinking, Andrew Sullivan