The American team will seek its second straight Olympic gold medal when the London Games take place in July and August.
Davis, expected to be the No. 1 pick in this year's NBA draft, led Kentucky to the NCAA title last month. He averaged 14.2 points and 10.4 rebounds per game during Kentucky's 38-2 season.
Harden, a guard for the Oklahoma City Thunder, averaged 16.8 points a game during the regular season. He has played three years in the NBA, all with Oklahoma City.
The 12-man Olympic roster will be selected from a list that currently contains 18 names. Dwight Howard and Derrick Rose, who previously had been among the finalists, have been removed from the list due to injuries.