Oldham-born Rhodes scored eight goals for Scotland U21s last season and made his full international debut in a friendly against Cyprus after qualifying under the five-year schooling rule.
The 22-year-old, who scored 40 goals for Town last term to help them to promotion to the Championship, will find out in the first week in July whether he has made the final 18-man squad.
Huddersfield chief executive Nigel Clibbens told his club's website: "Jordan is an amazing ambassador for Huddersfield Town and the football profession, with his great performances on the pitch complimented by his contribution to our community and the town off it.
"He is a top-class individual and thoroughly deserves all the plaudits and success that is coming his way. The Football Association has decided not to make an official announcement over the 35-man squad, but has given individual clubs permission to announce their own players.
"Obviously we are tremendously proud of Jordan's achievements and wanted to publicly congratulate him on his inclusion."
The Scottish Football Association have advised Scotland players not to play in the Olympics for fear of losing their independence within FIFA but Pearce has vowed to pick the best players available for his squad, which will be made up of U23 players plus three over-age players.