He won the 100m trials in Birmingham in 10.25 seconds - seven hundredths of a second outside the 'A' qualification time required - and
did not run in the 100m at the European Championships
. However, he ran 'A' times last summer, which the selectors could take into account.
"For me representing my country in an Olympics is a privilege that should never be taken for granted," said Chambers.
"To be given the opportunity to do so in my home town has been a dream that at times has seemed very distant and is now a reality."
One of the toughest choices facing UK Athletics was which of five contenders to pick for the women's 800m.
Three runners could have been chosen and head coach Charles van Commenee said a third of the six-hour selection meeting was taken up by discussing the event before plumping for Sharp, the only one of the five without an A standard time.
"We decided she was the one with best current form. It was difficult because not one of the athletes took control of their own destiny," he said.
Steve CramBBC athletics commentator
"Team selections are always going to have people missing and the women's 800m is the most contentious. Charles van Commenee is basically saying the four girls that got the A standard aren't going to be able to produce at the Games, whereas there are probably other people in other events that you could say the same thing about. It's a lack of consistency."
"The athletes made it difficult by not doing what they're supposed to do. Once the selection panel has to spend two hours it's already a bad sign.
"The panel and I are convinced that the athlete selected is the one who has the best chance of performing well at the Games."
Okoro and Jackson have run the 'A' standard this year but finished fifth and seventh respectively at the Olympic trials - won by Sharp, who also
claimed a European silver medal.
Meadows, who has not raced this year because of injury, and Simpson achieved the A standard in 2011. Simpson was second in the trials but finished seventh in Helsinki.
A Team GB statement read: "International rules of sport mean an athlete who has achieved the 'B' standard can only be selected if there are no 'A' standard athletes in that event selected to the team."
Shortly before the team announcement, Okoro, who is in the 4x400m team, said
"I'm quitting". She later deleted the tweet.
Van Commenee said: "Hearing the news that you are not part, that you can't compete in your favourite event in the Olympics is not easy to digest and it's not easy to give that news.
Appealing selection decision
Athletes have 24 hours to lodge a written appeal
Appeals can only be made on the grounds selectors had facts wrong or did not properly employ their own criteria
Outcome of any appeals expected on Friday afternoon
"When I spoke to her on the phone, she indicated that she would quit. I want to see how that goes in the next few days."
The Dutchman, who has admitted he is braced for a "heap of appeals" from athletes, said it was not easy to leave out Meadows.
"It was very difficult because she has a proven track record. She's absolutely a world-class athlete. However, she has not raced since the  World Championships in Daegu," he said.
Sprinter Richard Kilty said his own exclusion was "an absolute disgrace" after posting two A standard times in the 200m and he planned to appeal.
"I am 100% fit, with two A standards, three spots available and they say no, and there's five slower athletes than me in the relay - they have a personal problem with me."
Three athletes are the head coach's own discretionary picks - Nigel Levine (men's 400m), Lee McConnell (women's 400m) and Julia Bleasdale (women's 5,000m).
European high jump champion Robbie Grabarz will make his Olympic debut, while Greg Rutherford has a genuine medal chance in the long jump.
Eilish McColgan, 21, the daughter of former 10,000m world champion Liz, will represent Britain in the women's 3,000m steeplechase.
World bronze medallist Andy Turner has been selected for the 110m hurdles.
Chambers was joined in the squad by another athlete previously barred due to a drugs ban, with Carl Myerscough selected in the shot put.
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