Sreesanth was replaced by seamer Munaf Patel in the only change to the 15-man squad that defeated South Africa 2-1 in the Future Cup series in Ireland in June.
Sreesanth, 24, was fined 50 percent of his match fees by referee Ranjan Madugalle after shoulder-butting England captain Michael Vaughan during the second Test at Trent Bridge last week.
Sreesanth also hurled a head-high beamer at Kevin Pietersen and later overstepped the crease by several feet while bowling a bouncer to Paul Collingwood in the hotly-contested match which India won by seven wickets.
It is unclear if the Kerala fast bowler will be picked for the third and final Test starting at the Oval in London on Thursday which England must win to draw the series.
The first one-dayer will be played in Southampton on August 21.
India's one-day squad:
Rahul Dravid (capt), Sachin Tendulkar, Sourav Ganguly, Yuvraj Singh, Gautam Gambhir, Robin Uthappa, Rohit Sharma, Dinesh Karthick, Mahendra Singh Dhoni, Ramesh Powar, Piyush Chawla, Ajit Agarkar, Zaheer Khan, Rudra Pratap Singh, Munaf Patel.