Team GB coach Stuart Pearce will watch David Beckham play in the United States next week before deciding whether he will be selected for his Olympic squad.
Beckham, 36, could be an over-age pick for GB, who are drawn with Senegal, Uruguay and United Arab Emirates.
"I'll know a bit more about David Beckham's chances when I go to the States and see him," Pearce said.
Pearce said injured Arsenal midfielder Jack Wilshere remains on his 80-strong list of potential players.
He can pick three over-age players in an Olympic football squad otherwise made up by under-23s.
Pearce will watch Beckham play on 2 May, the midfielder's 37th birthday, for LA Galaxy against Seattle.
Beckham has said he would love to captain the side although former England striker Gary Lineker has questioned the LA Galaxy midfielder's inclusion.
Pearce said: "He's been a great ambassador but that's no guarantee he'll get in the squad. I'm picking on form and merit alone.
"David Beckham will be treated exactly the same as any other individual, whether it is young or over-age.
"Form and fitness will dictate what the make-up of the squad will be. I have a duty of care to the Great Britain squad to try to win a gold medal. I will pick the strongest squad I can."
Pearce's side will take on Senegal in their opening group-stage fixture, at Old Trafford on 26 July, where they could potentially come up against Newcastle's Demba Ba and Pappis Cisse.
Great Britain then face United Arab Emirates on 29 July and Uruguay on 1 August.
Pearce has a list of 80 players under consideration for the Olympics but has indicated he could name an 18-man squad by mid-May.
Fifteen of his squad must have been born after 1 January 1989, and he has been told by the Football Association not to select anyone picked for England at Euro 2012.
Wilshere has been ruled out of rest of the season and Euro 2012 with an ankle injury. His club boss Arsene Wenger has previously said he does not want him to play at the Olympics as it is too close to the Premier League season, which starts on 18 August.
But Pearce said: "He is on the shortlist.
"We will look at everyone individually and check their fitness and the medical people will speak with the clubs."
GB's women, coached by Hope Powell, will play New Zealand in the opening event of the Olympics at the Millennium Stadium in Cardiff on 25 July before further group games against Cameroon and Brazil.