Australia will compete for one of eight Olympic places at a qualifying tournament in Graz, Austria from May 26 – 30.
The Tokyo Games will mark the first appearance of 3x3 basketball at the Olympics.
The 12-strong squad will come together next week for a training camp under head coach David Biwer at BA's Centre of Excellence in the Australian Institute of Sport.
"We have some fantastic new faces coming into the squad, alongside our world class and proven 3x3 players," Biwer said.
“This month’s camp will be the first in a series of camps we have planned ahead of May’s Olympic qualifying tournament."
The 'fresh faces' are Ruby MacDonald (BA Centre of Excellence), Lauren Scherf (Sydney Uni Flames), Alexandra Sharp (Perth Lynx), and Alex Wilson (Adelaide Lightning).
Australia were 21 in the world and first in Oceania when the FIBA 3x3 rankings were frozen last year due to the coronavirus pandemic.
Full 2021 Australian Women’s 3x3 Basketball Squad:
Rebecca Cole (Southside Flyers)
Keely Froling (UC Capitals)
Maddie Garrick (Deakin Melbourne Boomers)
Kelsey Griffin (UC Capitals)
Alice Kunek (Arka Gdynia)
Ruby-Belle MacDonald (BA Centre of Excellence)
Anneli Maley (Sydney Uni Flames)
Lauren Scherf (Sydney Uni Flames)
Alexandra Sharp (Perth Lynx)
Carlie Smith (Adelaide Lightning)
Marena Whittle (Adelaide Lightning)
Alex Wilson (Adelaide Lightning)