Center Mile Ilic and guard Aleksandar Rasic were the players to miss out as Serbia coach Zoran Slavnic named his final 12-man squad for EuroBasket 2007 on Sunday.
Slavnic made the announcement ahead of Serbia's third-place play-off victory against Poland at the Efes Cup in Izmir.
Ilic was omitted from the tournament in Spain as it was felt he would not be at peak fitness after suffering an ankle injury playing for Colorado in the D-League in the USA.
"My injury is behind me now but I was not able to follow the programme which Slavnic put in front of us," Ilic explained.
"The tempo in the matches is too high for me.
"But if anything positive can come out of the coach's decision it is that I've had the best possible preparation for the forthcoming season."
Dynamo Moscow's Rasic was not surprised at Slavnic's decision after sitting out Serbia's first two games in Turkey.
"I had guessed already that those two matches without me playing were the sign that I would be left off the list for the EuroBasket," he admitted.
"It seems I wasn't in good form but this summer I didn't expect Slavnic's call (for the Efes Cup) so I am satisfied with spending some quality time with Serbia's best."
Serbia line up in Group A at the EuroBasket along with defending champions Greece, Russia and the team which wins the additional qualifying tournament.
The Serbia squad is: Milan Gurovic (captain), Marko Jaric, Stefan Markovic, Vuk Radivojevic, Milos Teodosic, Milenko Tepic, Branko Cvetkovic, Nemanja Aleksandrov, Novica Velickovic, Zoran Erceg, Dragan Labovic, Darko Milicic