However, big names such as Jonny Wilkinson and Gavin Henson will be left at home along with the captains of Wales, England and Scotland.
As expected, Ireland lock Paul O'Connell was named as captain of a 37-strong squad dominated by Irish and Welsh players and announced by team manager Gerald Davies to play three tests in South Africa.
"The tour to South Africa represents a huge challenge for the touring party as we will be playing against the world champions," O'Connell said. "However, I'm confident we have the talent and attitude to represent the famous shirt to the best of our ability and to be successful."
There are 14 players from the Irish team that won a long overdue Six Nations championship and completed a first Grand Slam since 1948, Wales, which won last year's Slam, has 13. England has eight players, its lowest number since 1977 and there are only two Scots, reflecting Scotland's failure to make an impact in international rugby.
Three national team captains, Ryan Jones of Wales, Steve Borthwick of England and Scotland's Mike Blair, have all been left out.
Wilkinson, who kicked England to its World Cup triumph in 2003, has been plagued by long-term injuries and is still struggling to return to club action with Newcastle.
Henson, one of the stars of Wales' Six Nations Grand Slam last season, damaged ankle ligaments playing for Ospreys at the beginning of the month but is expected to be fit by the time the Lions leave.
"Naturally there were some tough decisions and there will be disappointed players but I am confident that this is a very strong and capable squad," said head coach Ian McGeechan, who will be in charge of his fourth Lions tour.
"Its composition reflects the form shown in the Six Nations and domestic rugby and has a balanced blend of experience and youth."
Halfpenny is a 20-year-old winger who has emerged as a new Welsh star this season, while Monye's performances for England have relegated Paul Sackey to the bench.
New Zealand-born Riki Flutey, who made his England debut in early November, will challenge O'Driscoll and Shanklin for one of the spots at center. Ronan O'Gara is expected to be the first-choice flyhalf and kicker and will have the vastly experienced Stephen Jones as backup.
Wales' Mike Phillips should be the first-choice scrumhalf although Tomas O'Leary's inclusion suggests McGeechan and O'Connell may go for an Irish halfback pairing.
Although center Brian O'Driscoll captained the Irish to their first championship triumph since 1984, O'Donnell beat him to the Lions' role with McGeechan preferring a dominant figure in the pack to lead the side.
A flyhalf and center who also went on two Lions tours as a player, McGeechan was always expected to call up players capable of matching the South Africans at their fast and physical game.
When they arrive towards the end of May, they will have six games against provincial sides before taking on the South Africans in the first test at Durban on June 20. The second test is in Pretoria June 27 and the third at Ellis Park, Johannesburg July 4.
Squad:
Backs: Leigh Byrne (Wales), Rob Kearney (Ireland), Shane Williams (Wales), Leigh Halfpenny (Wales), Ugo Monye (England), Tommy Bowe (Ireland), Luke Fitzgerald (Ireland), Jamie Roberts (Wales), Tom Shanklin (Wales), Brian O'Driscoll (Ireland), Keith Earls (Ireland), Riki Flutey (England), Ronan O'Gara (Ireland), Stephen Jones (Wales), Mike Phillips (Wales), Harry Ellis (England), Tomas O'Leary (Ireland).
Forwards:
Andrew Sheridan (England), Gethin Jenkins (Wales), Adam Jones (Wales), Phil Vickery (England), Euan Murray (Scotland), Jerry Flannery (Ireland), Lee Mears (England), Matthew Rees (Wales), Paul O'Connell (Ireland - captain), Donncha O'Callaghan (Ireland), Alun-Wyn Jones (Wales), Simon Shaw (England), Nathan Hines (Scotland), Stephen Ferris (Ireland), David Wallace (Ireland), Martyn Williams (Wales), Alan Quinlan (Ireland), Joe Worsley (England), Jamie Heaslip (Ireland), Andy Powell (Wales).
