Pearce, the coach of the Great Britain men's team, had initially been keen not to rule out that option but has now accepted that it is "a sensible football decision".

Besides Rooney, who would have been one of the leading choices to be one of Pearce's three over-23 picks, it means players such as Arsenal's Jack Wilshere and Manchester United's Phil Jones and Chris Smalling, who are almost certain to go to Euro 2012 in Poland and Ukraine with England, will not be part of the Olympic team.

Earlier this week the Football Association began notifying Home Associations and players of those on a long list for potential selection.

Players are asked to confirm whether they would be available for selection.

Pearce's announcement will please club managers such as Arsenal's Arsene Wenger and Manchester United's Sir Alex Ferguson who have said it would be too much for players to play in both tournaments.

"We have had discussions as we come now to notifying the long list of the players who could potentially be selected and it is important to make clear what we have agreed regarding England players who will be at Euro 2012," said Pearce.

"We have agreed that any player who boards the plane to the European Championship in Ukraine and Poland will not be considered for selection to Team GB."

Euro 2012 is due to start on June 8 with the final scheduled for July 1 in Kyiv.

Britain's first match in the Olympic football tournament is due to take place at Cardiff on July 26, the eve of the official Opening Ceremony.

The final is due to take place at Wembley Stadium on August 11.

"It's a sensible football decision when you consider the demands on players, and it now leaves no room for doubt for players and their clubs about next summer and the two major tournaments," said Pearce. 

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