Wayne Rooney could be offered the chance to play for Team GB at the 2012 Olympic Games in London if he does not feature for England at the European Championship.
The 18-man Olympic squad does not need to be named until a week after the Euro 2012 final, so Rooney could be offered a place as compensation if he misses out for England.
"Obviously, our real hope and aspiration at this point is Wayne can be available for the European Championship," said Club England managing director Adrian Bevington.
"Once we know where we stand it's one for Stuart [Pearce] and Fabio [Capello], really."
The FA had previously stated that players who participate in Euro 2012 would not be allowed to play for Team GB, but changed their stance after Pearce was named as Team GB coach yesterday.
"What we're not going to do today is lock ourselves into a situation where we say no-one who goes to the Euros could actually go to the Olympics," Bevington added.
"But, obviously, any of the situations would have to be managed sensitively and sensibly."
Team GB's 18-man squad is allowed to contain three players over the age of 23.
So far, David Beckham and Ryan Giggs have been linked to filling the over-23 spots, while young Welsh stars Gareth Bale an Aaron Ramsey have also been named as potential squad members.
"Everyone will be up for selection," Stuart Pearce said. "Form and fitness will determine who I pick."
The London 2012 Olympics will kick off on July 27 next year.