Radcliffe, 37, holds the marathon world record and has had a long, successful career as a distance runner. She won the marathon at the 2005 World Championships and is a three-time winner at both the New York City and London marathons.
But she has never finished on the podium at the Olympics, coming in fifth in the 5,000 meters in 1996 and fourth in the 10,000 meter finals in 2000. Physical problems forced her to withdraw from the marathon and 10,000 meters in 2004, and she finished 23rd in the marathon in Beijing in 2008.
Radcliffe is the third British athletics competitor to be selected to five Olympic Games, following Tessa Sanderson (javelin) and Chris Maddocks (race walking).
"To represent your country at a home Olympics is something special and I'm over the moon to be selected for Team GB," Radcliffe said. "I was pleased to get the qualifying time in Berlin earlier this year and my sole focus is getting in the right shape for London. I'm just fully concentrating on being fully prepared for next year."
Scott Overall and Mara Yamauchi were also selected to compete in the marathon for Great Britain.