In total, 31-riders from Australia will be selected for Rio with the women's road teams and two men's MTB places currently subject to appeal.
The 16-rider track team is led by Anna Meares with Rebecca Henderson named as the sole women's MTB representative, while Caroline Buchanan and Sam Willoughby headline the five-rider BMX squad.
Porte, who makes his Olympics debut, will ride both the time trial and road race alongside BMC teammate Dennis. Rio will be Gerrans' third Olympics with the Orica-BikeExchange rider selected for the road race.
"Now going into my third Games, I think it’s finally starting to sink in how much of an honour it is to represent your country at the Olympic Games and be part of what will be such a prestigious event," said Gerrans. "I am really looking forward to that again this year."
Gerrans, a winner of the monuments Leige-Bastogne-Liege and Milan-San Remo, added he is aiming for a medal at the conclusion of the 256.4km race which starts and finishes on Copacabana beach.
"I've had some great success on some really long difficult one-day races, so if the race unfolds in that way it could be right up my alley. But if I was actually going to choose a course, this is probably a little bit in the difficult side for me, but anything can happen on the day," said Gerrans. "We're going to go there with high hopes and big ambitions of getting a medal at the end of the day."
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Australia qualified a full quota for the track events with Meares, a two-time gold medallist, the experienced rider in the squad as the 32-year-old prepares for her fourth games.
"It's a really nice feeling to make it to my fourth Games," said Meares who has five Olympic medals in total. :It was the one event I wanted to make after London and although it’s been a long road I know the next few weeks leading into Rio are going to fly by.
"I think I'll be going to Rio in the best physical form I have ever been in in my career and I’m ready to do my absolute best for this team and my country."
Stephanie Morton was named as the second women's track rider with Patrick Constable, Matthew Glaetzer and Nathan Hart making up the men's trio.
In the endurance squads, Australian road champion Jack Bobridge has earned selected for a third games with the Trek-Segafredo rider aiming to add a gold to his silver medal from 2012.
Making my third Olympic Games is an unbelievable feeling," said Bobridge. "With Sam, Callum and Michael winning the worlds this year it has given the team a massive boost that the whole squad needs in an Olympic year.
"I think myself and Alex [Edmondson] returning to the squad will be great for the team pursuit and I think with our experience and strengths within the event we can hopefully get us to the top step of the podium in Rio."
Annette Edmondson will make a second Olympic appearance after her 2012 Omnium silver medal and is eyeing off top step of the podium second time round.
"The goal is to go out there and win the gold in Rio and we won’t be satisfied with anything less," she said. "We tried out some new processes going into the 2016 Worlds which didn’t work out but we know what we did in 2015 and we’ve gone back to that."
Australian team for the 2016 Rio Olympic Games
Road
Road Race Richie Porte (BMC) Simon Gerrans (Orica-BikeExchange Rohan Dennis (BMC)
Time trial - men Richie Porte (BMC) Rohan Dennis (BMC)
Track
Sprint Anna Meares - Sprint, Team Sprint, Keirin Stephanie Morton - Sprint, Team Sprint, Keirin
Patrick Constable - Team Sprint, Keirin Matthew Glaetzer - Sprint, Team Sprint, Keirin Nathan Hart - Team Sprint
Endurance Ashlee Ankudinoff - Team Pursuit Georgia Baker - Team Pursuit Amy Cure - Team Pursuit Annette Edmondson - Team Pursuit, Omnium Melissa Hoskins - Team Pursuit
Jack Bobridge - Team Pursuit Alex Edmondson - Team Pursuit Michael Hepburn - Team Pursuit Glenn O'Shea- Omnium Callum Scotson - Team Pursuit Sam Welsford - Team Pursuit
MTB
Rebecca Henderson (Trek Factory Racing Team XC)
BMX
Caroline Buchanan Anthony Dean Lauren Reynolds Bodi Turner Sam Willoughby
*The women's road race team and men's MTB team are currently subject to appeal with an announcement expected in the coming days
