Announcing the team after a lengthy meeting that lasted more than three hours, convener Ratnakar Shetty said that Ganguly has written a letter to the Board of Control for Cricket in India (BCCI) that he will be fit for the match, but will be subjected to a fitness test prior to the match on November 10.
Ganguly did not play in the last two Test matches of the four-Test series against Australia, which concluded here yesterday, because of a thigh strain.
Young wicketkeeper Dinesh Karthik, who made his Test debut against Australia in the final Test here, also gained a berth, but the notable omission was left-arm spinner Murali Kartik, who got the Man of the Match award in the Test won here so sensationally by India by 13 runs inside three days.
"The selectors felt that it was hard on Kartik but he had to be left out as only two spinners can be accommodated in the ODI squad and Harbhajan Singh and Anil Kumble are the top two spinners in the country," Shetty said.
The selectors also chose the Board President's XI squad to take on South Africa in the three-day tour opener at Jaipur commencing on November 14.
Left-arm paceman Irfan Pathan, who missed the last two Tests against Australia like Ganguly because of a side strain, has regained full fitness and started bowling in the nets in his home town Baroda, Shetty said.
"Pathan will not be subjected to any fitness test. His progress is being monitored by Indian team physiotherapist Andrew Leipus in consultation with the local physio under whose care he's in Baroda," Shetty said.
"Pathan will also play a couple of local One-day matches before reaching Kolkata," Shetty added.
Yuvraj expectedly regained his place in the team after being left out of the last Test squad due to his poor run in the series.
Sriram, the Tamil Nadu left-hander, has taken the place of Rohan Gavaskar who was in the squad for the Champions Trophy in England, the last One-day tournament played by India, as a replacement for the tennis-elbow afflicted Sachin Tendulkar.
The teams were read out to BCCI secretary, S K Nair, Shetty informed.
Today's meeting was attended by Rahul Dravid, who has been named as the vice-captain and who led India in the last two Tests in Ganguly's absence, coach John Wright and Leipus.
"The first 45 minutes before choosing the Indian team was taken up with discussing about the fitness problems with Leipus," Shetty said after the press conference.
Asked why Ganguly, who had sent a letter to the Board saying he will be fit, could not attend the meeting, Shetty said, "We could not contact him. There was also no need to contact him for this particular meeting".
"Dravid, who was here and who was the Indian captain in the Mumbai Test, was invited to attend the meeting," Shetty added.
Pace spearhead Zaheer Khan, who missed the Champions Trophy and the two preceding One-day events - the Challenger Series against England and the Holland tri-series due to injury, has also made a comeback into the One-day squad.
Ajit Agarkar, dropped from the 14 for the Mumbai Test after failing to taste success in the preceding Nagpur match against Australia, has regained his place in the One-day squad with a decent limited over past record to stand him in good stead.
The team: Sourav Ganguly (captain), Rahul Dravid (vice-captain), Virender Sehwag, Sachin Tendulkar, VVS Laxman, Yuvraj Singh, Mohammad Kaif, Sridharan Sriram, Harbhajan Singh, Anil Kumble, Zaheer Khan, Irfan Pathan, Ashish Nehra, Ajit Agarkar, Dinesh Karthik