Jackson was on Wednesday named in coach Sandy Brondello's extended 26-player squad that will take part in training camps, tours and fixtures in the lead-up to the Games, which begin on July 26.

The final 12-player team to fight for medals in the French capital will be selected from the extended squad.

The 42-year-old Jackson - arguably Australia's greatest-ever basketball player - announced her retirement from the Opals in February after Australia qualified for the Games with an 85-52 thumping of Germany in Brazil.

"I'm done," Jackson, who was part of the Opals' victorious 2006 World Cup campaign in the South American country, said at the time.

"I love Brazil, Brazil has been very good to me.

"How fitting that I get to finish my national career with Australia in Brazil. It's very special."

But less than seven weeks later, she has been named in a squad that includes 11 members of the team that took bronze at the World Cup in 2022.

Jackson has signed with the Albury-Wodonga Bandits for the 2024 NBL1 East season after helping the club to its first women's championship in 2022.

Bandits' women's coach Sam McDonald said Jackson will be available for round one of the NBL1 East competition, with the Border club travelling to take on Sydney Comets on April 6 before meeting Hornsby Ku-ring-gai on April 7.

However, with the door still open on her Opals career, it's unclear at this stage how many games she will miss for her home club.

"We've been in conversations with Lauren about this and at the moment we're not sure how it looks, because Lauren is still working through a lot of stuff with her family, her kids and her parents are a priority," McDonald said.

"While she works through that, we're really just supporting her in any way we can and we're fully focused on round one when we go to Sydney.

"It's really cool that she's still in consideration for the national team and it's a great reward for her for all the hard work she's put in to be in that position."

The NBL1 East competition has posted fixtures for 14 rounds up until mid-July.

Jackson has won four Olympic medals, including silver at three consecutive Games, starting with Sydney in 2000 when she competed as a teenager.

"It's always an exciting time to announce an Olympic squad and I congratulate all the athletes," Brondello said.

"They all know what it means to play for Australia and they all want the opportunity to represent their country at an Olympics.

"Our squad is full of exceptional talent and they will make the decision to pick a final 12 very difficult."

The Olympic draw, conducted last week by Opals legend and former Australia captain Penny Taylor in Switzerland, has the Opals grouped in Pool B alongside Canada, Nigeria and host nation France.