Giggs, 38, is one of three over-age players selected by head coach Stuart Pearce for Team GB, alongside Liverpool's Craig Bellamy and Manchester City's Micah Richards.
Great Britain have been drawn against Senegal, United Arab Emirates and Uruguay in Group A, with their first match of the competition versus the former on July 26.
Speaking ahead of the Games, Giggs is quoted by the Sun as saying: "It is a tremendous honour to be part of the Olympics. Stuart has given me the captaincy, which is even better. I'm really looking forward to it.
"It's a unique experience and one from the start that I wanted to be part of when I got the opportunity."
Speaking of the Welshman, Pearce said: "Ryan is the standout captain among the group. He has got the respect of all the members of the group and I'm looking forward to working with him."
Giggs' compatriot Craig Bellamy also reserved praise for the veteran, adding: "Ryan is probably one of the best players who has ever played the game.
"I have been very fortunate to play with him for my country, so I know Ryan quite well. It is very fitting he is captain and is here."
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