Ryan Giggs, one of three overage players along with Craig Bellamy and Micah Richards, was named as captain of the squad by coach Stuart Pearce on Sunday.
The trio were picked ahead of David Beckham, whose non-selection provoked a lot of debate.
Ryan Giggs will lead out Team GB for the first time when they face Brazil at the Riverside Stadium on Friday, July 20.
The 38-year-old Manchester United winger said: "Obviously it is a tremendous honour to be part of the Olympics.
"Stuart has obviously given me the captaincy, which is even better so I am really looking forward to it.
"It is a unique experience and one from the start that I wanted to be part of when I got the opportunity.
"I think it just got more and more exciting as the Games got nearer and then when the squads were announced I was obviously really, really proud to be involved."
Despite never having played in a major international tournament with Wales, Ryan Giggs' credentials are impeccable, having won 12 Premier League titles, five FA Cups and two Champions League crowns.
He also won 64 caps for Wales before retiring from international football in 2007.
Pearce added: "I looked at the squad and I thought there are some good candidates there.
"Aaron Ramsey captains Wales, Micah Richards has captained Manchester City at times, Craig Bellamy for the experience he's had and one or two others within the camp as well.
"But I think Ryan is the standout captain amongst the group. He has got the respect of all the members of the group and I am quite looking forward to working with him and alongside him."
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