Old foes England and Australia will lock horns in the shorter format from June 29. And the hosts will be hoping to topple the world's top ranked ODI side. Alastair Cook will lead the side. He scored a superb century in the series against West Indies.
England's same squad had beaten West Indies 2-0 in the three-match One Day series. The final match was washed out.
National selector Geoff Miller said they were making steady progress in the ODI format and the win against West Indies was "pleasing."
Miller said on Monday: "The series win against West Indies was pleasing and we are making steady progress in one-day cricket with a sixth straight series victory on home soil."
He added that Australia were a strong side and it would be a challenging series for England. He felt the hosts needed to play very good cricket over the next three weeks.
"Australia are a strong one-day side and I've no doubt this will be a challenging NatWest series for us and we will need to play some very good cricket over the next three weeks," he added.
"Playing against the number one ranked one-day side in the world is an excellent test for us as we look to keep steadily improving ahead of next summer's ICC Champions Trophy and the 2015 ICC Cricket World Cup."
The first ODI will begin on June 29 at Lord's. The series ends on July 10.
England squad: Alastair Cook (captain), James Anderson, Jonathan Bairstow, Ian Bell, Ravi Bopara, Tim Bresnan, Stuart Broad, Jade Dernbach, Steven Finn, Craig Kieswetter (wk), Eoin Morgan, Samit Patel, Graeme Swann, Jonathan Trott.
June 29: 1st ODI, Lord's
July 1: 2nd ODI, The Oval
July 4: 3rd ODI, Birmingham (D/N)
July 7: 4th ODI, Chester-le-Street
July 10: 5th ODI, Manchester