Spain Under-21 head coach Luis de la Fuente, who will take charge of the Olympic team in Tokyo, announced a 22-man list that must be trimmed to 18 for the tournament.
Teenage Barcelona midfielder Pedri has been one of the standout figures in Luis Enrique's Spain team at the European Championship, while Athletic Bilbao goalkeeper Simon got away with a huge mistake in the last-16 game against Croatia, when he conceded an own goal before Spain roared back to earn a 5-3 win.
He carelessly failed to deal with Pedri's back pass and the ball rolled into the net.
They were joined on De la Fuente's squad list by senior Spain colleagues Eric Garcia, Pau Torres, Dani Olmo and Mikel Oyarzabal.
As expected, there was no place for veteran Sergio Ramos, who wanted to represent Spain at both Euro 2020 and the Olympics this year but was called up for neither tournament.
Ramos, who is leaving Real Madrid after 16 years, endured an injury-plagued 2020-21 season.
Spain, who were gold medallists in men's football at the 1992 Barcelona Olympics, also included Real Madrid duo Dani Ceballos and Marco Asensio, Valencia's Carlos Soler, Sevilla's Bryan Gil and Mikel Merino of Real Sociedad in a strong line-up.
Monday's victory over Croatia at Euro 2020 has carried Spain through to a quarter-final against Switzerland, to be played in St Petersburg on Friday.
Should Spain go all the way to the final, they will contest the showpiece at Wembley on July 11.
The Olympic football competition begins before the Games is officially declared open, with Spain due to play Egypt at the Sapporo Dome in their opening Group C game on July 22, a day ahead of the opening ceremony.
De la Fuente said he had no doubts about selecting Simon, despite his error at the Euros.
"I know Unai Simon. I know of his strength and integrity," De la Fuente said. "Yesterday he had an exceptional reaction after a difficult moment."
Provisional Spain squad for Tokyo Olympics: Alvaro Fernandez (Huesca), Unai Simon (Athletic Bilbao)), Alex Domínguez (Las Palmas); Mingueza (Barcelona), Jesus Vallejo (Granada), Eric García (Barcelona), Pau Torres (Villarreal), Oscar Gil (Espanyol), Juan Miranda (Real Betis); Marc Cucurella (Getafe), Jon Moncayola (Osasuna), Martin Zubimendi (Real Sociedad), Dani Ceballos (Real Madrid), Mikel Merino (Real Sociedad), Carlos Soler (Valencia), Pedri (Barcelona); Bryan Gil (Sevilla), Marco Asensio (Real Madrid), Dani Olmo (RB Leipzig), Mikel Oyarzabal (Real Sociedad, Rafa Mir (Wolves), Javi Puado (Espanyol).
The head coach of the Olympic team fears Barcelona defender Mingueza and Real Madrid midfielder Ceballos will not make swift recoveries.
He was also critical of the officiating that allowed Egypt to enforce their physical game on the match that finished 0-0 in Sapporo.
Speaking about the injured duo, who were both forced off in the first half, De la Fuente said: "They are the greatest concern. They do not look good. Let's see if I'm wrong and they can recover.
"We are very concerned because they could be serious injuries."
Mingueza was on the receiving end of a sixth-minute heavy tackle that saw Ahmed Fotouh yellow-carded, and then came off in the 22nd minute.
Ceballos was replaced shortly before half-time after being fouled by Taher Mohamed, although it was seemingly unintentional when the Egyptian player stood on the Spain star's left ankle.
Asked about Egypt's approach, after they were shown four yellow cards, De la Fuente suggested they should have had more discouragement from such forceful tackling.
He said, quoted in Marca: "The other day we had a talk in which they explained to us how the VAR works and we hope that next time we will have better luck with the sanctions that take place in the field of play because today we have not had it.
"We had a meeting that explained the actions that could be punished with a red card. Today there were several of them and they were not punished as they told us."
Mingueza had a breakthrough season at Barcelona last term, playing 39 senior games after stepping up from the club's B team.
Ceballos has returned to Real Madrid ahead of the new LaLiga campaign after spending the past two campaigns on loan at Arsenal. He failed to score in 40 games for the Gunners last season and had just three assists.
Spain head into the Tokyo Olympics as one of the favourites for the gold medal, given De la Fuente has been able to call upon six players that reached the semi-final stages at Euro 2020 with the senior national side.
The names of their star-studded line-up would be enough to frighten any Olympic opposition as they have included Pedri, Unai Simon, Dani Olmo, Mikel Oyarzabal, Eric Garcia and Pau Torres.
While the players on the pitch paint an attractive picture that could see Spain win their second gold and first since 1992, Ceballos explained how his relationship with De la Fuente could help him thrive.
"I have had great coaches, but with Luis [de la Fuente] we have a different relationship. We have linked up very well from the first tournament (Under-19 European Championship in 2015)", the former Arsenal midfielder said in Tuesday's press conference.
"From then on we have forged a great relationship. He has given me confidence and I have been lucky to give it back to him on the field."
De la Fuente's men get their campaign underway versus Egypt on Thursday before subsequent fixtures against Argentina and Australia and Ceballos, who played 49 times across his two-year loan spell at Arsenal, is aware of the different challenges that the Games provide.
"It is a completely different competition than what we football players are used to. It is a unique opportunity", he said.
"It is really difficult to qualify for it because it has a lot of requirements that are really tough to meet. But this team has done a lot of things to deserve it, and now it is the time to enjoy it."
Barcelona youngster Pedri did not misplace a pass in normal time during the Euro 2020 semi-final against Italy and created 11 chances at the tournament, one more than fellow squad member Olmo (10) and one fewer than first-placed Jordi Alba (12).
Both will be team-mates of Ceballos and the midfielder praised all of his colleagues as they prepare to attempt to recreate the 1992 heroics which sealed home Olympic success in Barcelona.
"We have a really great team. On paper, I think we can be among the favourites, but in reality there are a lot of fantastic national teams. On the field it is going to be different", he said
"Playing in this Olympic Games has been a special dream and I have been reading about what happened in that [the 1992] tournament. Especially in the final, that there was extra time and that Spain won against Poland with a goal from Kiko Narvaez.
"Hopefully we can repeat what they did in their day."
Like Ceballos, De la Fuente spoke with pride about leading his nation at the Games, while he also discussed the possibility of following in the footsteps of those from Barcelona 1992.
"It is a pride being here. It is a different feeling from other tournaments because the Olympic Games are unique. It is a totally special experience, and we are wishing to start enjoying it as a competition and living the Olympic environment.", the head coach said.
"We are feeling the same they felt, a great desire to start competing, a great conviction that we have a great team to compete for everything. And feeling capable of fighting for the maximum. I am sure we are feeling what they felt.
"We are going to try to be up to the standards expected of us, and I am sure that we are going to perform to that level and fulfil the expectations we are creating."
