Coach Park Sung-hwa named a 40-strong party, with Park and West Bromwich Albion midfielder Kim Do-heon the most notable omissions.
Each nation is allowed to select three over-age players and Park will choose from five when he announces the final 18 players that are to go to Beijing on July 21.
The only overseas-based player included in the squad is Kim Dong-jin who plays for UEFA Cup and Russian league winners Zenit St Petersburg.