After his breakthrough season at Old Trafford, Cleverley was touted as a potential member of Roy Hodgson's England squad for Euro 2012.
However, after missing out on the 23-man squad for the European Championship, Cleverley is delighted to have been named on the Team GB list, and is relishing the challenges ahead.
"I'm buzzing about it, I cannot wait," Cleverley told the Manchester Evening News.
"It is a great way for me to bounce back after the disappointment of not going to the Euros with England.
"It's a young squad, apart from the older-age players, and after England's Euro 2012 experience a lot of people are talking about putting the accent on youth.
"This is a chance for me to remind people early. They've put trust in us and I want to repay that faith."
After a promising start to the 2011-12 season, Cleverley picked up a series of niggling injuries and made just 10 league appearances for United, and was also hampered by the impressive form of Michael Carrick and Paul Scholes.
However, the 22-year-old is hoping a strong Olympic campaign will stand him in good stead for the upcoming domestic season.
"I need to hit the ground running for the new season and this is a great chance for me," he added.
"The manager [Sir Alex Ferguson] was happy for me that I was shortlisted and had no problems about me being in the Olympics if chosen. I will miss United's pre-season tour and, ideally, I would have liked to do both.
"But after my injury spell out last season, Paul Scholes and Michael Carrick were doing so well I didn't get much game time.
"So I need minutes on the pitch and I feel that playing in high-stake competitive matches like I'll get at the Olympics is right for me.
"I am very excited about it and I just want to have a good tournament. It's a fantastic opportunity and a great boost."