The 29-year-old, who stepped away from the sport following the Tokyo Olympics but decided to return last year, is set to defend his gold medal in the men's 10m synchronised platform event.
Daley will be diving with teammate Noah Williams, with the pair having won silver at the world championships in Doha in February as well as a World Cup gold medal in Berlin in March.
"There is a fantastic mix of youth and experience within the squad, and I am delighted to welcome Olympic Champions Jack (Laugher) and Tom back," Team GB's Chef de Mission Mark England said in a statement to British media.
"Congratulations to Tom in particular who becomes the first British diver to compete at five Olympic Games – a remarkable achievement."
Daley first competed at the Olympics as a 14-year-old in 2008 and won individual bronze medals at London and Tokyo, as well as a bronze in the 10m synchronised event in Rio 2016.
The three other pairs are Yasmin Harper and Scarlett Mew Jensen (women's 3m synchronised), Andrea Spendolini-Sirieix and Lois Toulson (women's 10m synchronised) and Anthony Harding and Laugher (men's 3m synchronised).
The divers for the individual events will be decided after the May 23th-26th Aquatics GB Diving Championships.
