LeBron James, Kobe Bryant, Carmelo Anthony, Chris Paul and Deron Williams return for another bid for Olympic glory and will spearhead a potent roster in London where the US are favourites.
Colangelo announced the selections after two US team training sessions in Las Vegas, though final approval is still required by the US Olympic Committee.
"We projected we would have difficulty getting down to a roster of 12, regardless of the number of injuries that have taken place, because they are such an outstanding group of people and athletes," Colangelo said in a statement.
"The final selections keep us in concert with our game plan to have athleticism, versatility and strong depth on our roster. I think our final roster epitomizes all of that."
The US team had been hit by a recent rash of injuries to several leading candidates, including Derrick Rose of the Chicago Bulls, Dwight Howard of the Orlando Magic and Miami Heat players Dwyane Wade and Chris Bosh.
"We have benefited so much from having a pool of outstanding players who are committed, and as a result the selection is difficult," US coach Mike Krzyzewski said.
"But it's the best challenge that you could have because everyone has been so committed."
The 2012 US Olympic team: Carmelo Anthony (Knicks), Kobe Bryant (Lakers), Tyson Chandler (Knicks), Kevin Durant (Thunder), Blake Griffin (Clippers), James Harden (Thunder), Andre Iguodala (76ers), LeBron James (Heat), Kevin Love (Timberwolves), Chris Paul (Clippers), Russell Westbrook (Thunder) and Deron Williams (Nets).