A number of players currently on national team duty at the European Championship will also be required to serve their country at the summer games
Pedri, Eric Garcia and Pau Torres are among a whole host of Spain's Euro 2020 players to have been named in the Tokyo Olympics squad.
Luis de la Fuente named his 22-man squad for the summer games on Monday, including a number of players currently starring at the European Championship. All of the 22 players will travel to Japan, but only 18 can be registered, with the other four on standby in case of injuries.
Those who have been selected to play will only have a 10-day turnaround period between the Euros and the Olympics if Luis Enrique's side make it all the way through to the final at Wembley on July 11.
Who else has been selected?
In addition to Villarreal defender Torres and Barcelona duo Pedri and Garcia, Real Sociedad winger Mikel Oyarzabal, Athletic Club goalkeeper Unai Simon and RB Leipzig's Dani Olmo will also be required to take part in the games after finishing their duties with the senior team.
Real Madrid pair Dani Ceballos and Marco Asensio have been included alongside Sociedad's Mikel Merino as the three overage players in the line-up, while Blancos centre-back Jesus Vallejo and Barca's Oscar Mingueza have also made the cut.
What's been said?
"The Olympic Games are a continuation of Euro 2020. I'm sure that everything that happens in the Euros will be positive for people to get hooked on us," Fuentes said after confirming his squad.
"These guys are the present and the future of Spanish football."
The Spain U23 boss added on the importance of the three over-23s in his final selection: "Asensio, Ceballos and Merino are just part of the group.
"We have been together for many years and they all know each other. They all bring veteran experience."
Fuentes also jumped to the defence of Simon, who conceded an own goal from Pedri in Spain's last-16 win against Croatia after failing to control his team-mate's backpass.
"I know Unai Simon. I know of his strength and his integrity," he said. "Yesterday he had an exceptional reaction after a difficult moment.
"He is doing very well."
When do the Olympics begin & who have Spain been drawn with?
The Tokyo Olympics will officially begin on July 22, but the football competition kicks off a day earlier, and is scheduled to run through to August 7.
Spain's U23s have been drawn in Group C alongside Egypt, Argentina and Australia, with their first fixture against Egypt set to take place on the same day as the opening ceremony.
Spain's U23 squad for Tokyo Olympics in full:
Goalkeepers: Alvaro Fernandez, Unai Simon, Alex Dominguez.
Defenders: Oscar Mingueza, Jesus Vallejo, Eric Garcia, Pau Torres, Oscar Gil, Juan Miranda
Midfielders: Marc Cucurella, Jon Moncayola, Martin Zubimendi, Dani Ceballos, Mikel Merino, Carlos Soler, Pedri
Forwards: Bryan Gil, Marco Asensio, Dani Olmo, Mikel Oyarzabal, Rafa Mir, Javi Puado.