The Football Association has reassured Sir Alex Ferguson after the Manchester United manager suggested Wayne Rooney could be selected for London 2012.
With Rooney also likely to be in England's Euro 2012 squad, Ferguson called the situation 'ridiculous'.
"It is utter chaos," he said. "There are so many complications."
However, an FA statement said: "Any player who travels to Euro 2012 with England will not be considered for the Olympic team."
Ferguson outlined his concerns with as many as 12 of his players - including Rooney - believed to be on Team GB manager Stuart Pearce's provisional list of 80 players.
Phil Jones, Danny Welbeck, Chris Smalling and Tom Cleverley are candidates for both the Olympics and Euro 2012 squads, meaning if they do not make the European Championship squad, Pearce may want them at the Olympics.
"I have no idea how badly other clubs are affected but I would imagine Tottenham will have a few, like Gareth Bale," Ferguson had said.
But the FA released the statement on Sunday in an attempt to clarify the situation.
Fifteen of the 16 teams who will contest the Olympic tournament are already known, with Oman and Senegal competing in the final qualifier in Coventry on Monday evening.
The draw will take place at Wembley on Tuesday.