The 37-year-old had hoped to be named as one of three over-age players but has not been selected by Olympic team coach Stuart Pearce.
It is understood Ryan Giggs, Craig Bellamy and Micah Richards will be the three over-age players confirmed by Pearce next week.
Beckham said in a statement: "Everyone knows how much playing for my country has always meant to me, so I would have been honoured to have been part of this unique Team GB squad.
"Naturally I am very disappointed, but there will be no bigger supporter of the team than me. And like everyone, I will be hoping they can win the gold.
"As a Londoner I was really proud to have played a small part in bringing the Olympics to my home town as part of Seb's [Coe] team and I can't wait for the Games to begin and will enjoy every moment along with the rest of Great Britain."
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