Real Madrid defender Marcelo was the other overage player included in the 18-man squad selected on Thursday by coach Mano Menezes for the London Games.
Football at the Olympics is played with under-23 squads but each team can use three overage players. The Olympic tournament is the only significant football title that Brazil has never won.
As expected, Brazil has several promising young stars such as Neymar, Paulo Henrique Ganso, Leandro Damiao, Lucas, Oscar and Alexandre Pato.
Among those who didn't make the cut included Chelsea defender David Luiz, Barcelona right back Daniel Alves, and Espanyol forward Philippe Coutinho.
Menezes said Hulk was picked thanks in part to his good performances in the four friendlies Brazil played recently.
"He brings a lot of strength to the team," Menezes said. "His experience will be important in big matches, as well as his great ability to be decisive."
Brazil Olympic Squad:
Goalkeepers: Rafael (Santos), Neto (Fiorentina).
Defenders: Alex Sandro (FC Porto), Marcelo (Real Madrid), Danilo (FC Porto), Rafael (Manchester United), Bruno Uvini (Sao Paulo), Juan (Inter Milan), Thiago Silva (AC Milan).
Midfielders: Romulo (Spartak Moscow), Sandro (Tottenham), Paulo Henrique Ganso (Santos), Oscar (Internacional), Lucas (Sao Paulo).
Fowards: Alexandre Pato (AC Milan), Hulk (FC Porto), Leandro Damiao (Internacional), Neymar (Santos).
