World champion Sarah Stevenson is among three taekwondo athletes named in Team GB, with Aaron Cook and Lutalo Muhammad vying for the last place.
Stevenson (-67kg), Jade Jones (-57kg) and Martin Stamper (-68kg) have had their places at London 2012 confirmed.
The British Olympic Association (BOA) vetoed GB Taekwondo's nomination of Muhammad ahead of world number one Cook, with a final decision imminent.
Stevenson, who won bronze in Beijing, is recovering from a cruciate injury.
The 29-year-old Doncaster-born athlete is the reigning world champion having regained her title in South Korea last year.
"This will be my fourth Olympics and me and the sport have come a long way since my first Games," said Stevenson. "When I went to Sydney in 2000, I was only 17 and hardly anyone knew what taekwondo was. But that's all changed and I don't even think you can class it as a so-called minority sport any more.
"If I win gold that will top everything I have ever achieved, but that might not happen because that's the way sport is. Just because you are the best doesn't mean you are going to win, but of course I will try like mad to win gold."
Jones, 19, won European Championships bronze in 2010 and took silver at the 2011 World Championships.
"I'm buzzing," said the Welsh athlete.
"I had a big disappointment at the European Championships when I didn't win a medal, but I think it was a blessing in disguise. I have things to work on now and make sure I am 100% right for the Olympics."
Liverpudlian Stamper, 25, is an eight-time British champion and took World Championships bronze last year.
"If I fight my own game and fight to the best of my potential then I can achieve anything," he said.
"I don't want to put pressure on myself but I could get gold if I have four fights at my best and things go my way. It could happen."