The players left out were Renato Sanchez, Raphael Guerreiro, Andre Gomes, Joao Mario, William Carvalho and Rafa Silva, reports Xinhua.
The squad was named on Thursday, just four days after Portugal defeated hosts France on penalties to clinch their first ever major title.
Rui Jorge's 17-man list includes seven players who took part in Portugal's Euro under-21 campaign last year, in which they finished runners up.
Among them are Manchester United's Bruno Varela and LIverpool's Tiago Ilori.
The three over-23 players are Porto's Sergio Oliveira, CD Nacional's Salvador Agra and Sporting Lisbon's Andre Martins.
Portugal will play their first match of the Rio Games against Argentina at Rio's Engenhao stadium on August 4.
Goalkeepers: Bruno Varela (Vitoria FC), Joel Pereira (Manchester United FC).
Defenders: Edgar Ie (Villarreal CF), Ricardo Esgaio (Sporting), Tiago Ilori (Liverpool FC), Tobias Figueiredo (CD Nacional).
Midfielders: Andre Martins (Sporting), Bruno Fernandes (Udinese Calcio), Fabio Sturgeon (Belenenses), Francisco Ramos (GD Chaves), Sergio Oliveira (FC Porto), Tiago Silva (CD Feirense), Tomas Podstawski (FC Porto).
Forwards: Carlos Mane (Sporting), Goncalo Paciencia (FC Porto), Nuno Santos (Vitoria FC), Salvador Agra (CD Nacional).