Selanne's fellow Ducks forward Saku Koivu is due to play in his fourth Olympics after being selected by coach Jukka Jalonen on Wednesday.
Koivu's younger brother Mikko, who plays for the Minnesota Wild, was also named along with tough Calgary forward Olli Jokinen and Carolina's Tuomo Ruutu.
"The Finnish team has been chosen from surely the broadest selection of top players of all time," Jalonen said in a statement.
Finland have particularly strong netminders with Calgary's Miikka Kiprusoff and Minnesota's Niklas Backstrom among the top-10 this season for National Hockey League wins. Tampa Bay's Antero Niittymaki was the third goalie named.
The Finns won silver at the Turin Olympics in 2006, losing to Sweden in the final. The squad for Vancouver contains 15 players from the previous Games.
The Olympics start on February 12.
(Reporting by Brett Young)