"Unfortunately, from the recent squad which toured India and the UAE, Peter Handscomb, Ashton Turner and Kane Richardson have made way for the above inclusions, but all three have been included in Australia A squad for the tour of England".
Alex Carey is headed to his first World Cup as wicketkeeper.
Rajasthan will play Royal Challengers Bangalore on April 30 before meeting Delhi Capitals in their last league game on May 4, while Sunrisers will be up against Mumbai and RCB on May 2 and May 4 respectively.
"Our key criteria focused on selecting a pool of players who are going to help us in our ambition to win the upcoming World Cup and Ashes Series in England, and who can also play the various formats over the course of the Australian summer", he added. Warner has so far amassed 400 runs in only eight outings at a superb average of 80 and looks set to be the main player for Australia in the World Cup.
Handscomb was seen to have a strong case for selection as he averaged more than 40 in 13 matches a year ago and offers wicketkeeping coverage. Marsh failed to deliver last season and his performance only dipped after he was elevated as Australia's joint Test vice-captain.
Usman Khawaja who has been Australia's most prolific batsman in the past year while opening the batting with Finch, may now be under pressure to hold that position with the return of opening batsman Warner.
Selection chairman Trevor Hohns said choosing the squad involved several tough calls.
David Warner and Steve Smith have both been returned to the fold from their 12-month bans under captain Aaron Finch while Shaun Marsh and Usman Khawaja have been retained as batsmen with Peter Handscomb dropped. "Both are world-class players and it has been pleasing to see them produce some good form in the IPL".
"Mitchell Starc and Jhye Richardson have both been named subject to fitness". Mitchell Starc, Jhye Richardson, Jason Behrendorff, Pat Cummins and Nathan Coulter-Nile are the five pacers.
Hazlewood was the biggest name to miss out with Warner and Smith back into the Australia squad.
Another notable absentee is fast bowler Josh Hazlewood, who has been sidelined with a back injury since January.
Australia will play one two spinner, Adam Zampa and Nathan Lyon, while playing two all-rounders, Glenn Maxwell and Marcus Stoinis.