Tevez was overlooked for the event in Brazil on Tuesday, despite scoring 19 Serie A goals to lead Juventus to their third consecutive league title this season.
The 30-year-old, capped 64 times by Argentina, has not represented the national team since Sabella took charge after the 2011 Copa America.
While Tevez missed the cut, Franco Di Santo was surprisingly included despite scoring just four Bundesliga goals for Werder Bremen this season.
Manchester City trio Sergio Aguero, Pablo Zabaleta and Martin Demichelis all won selection, just two days after the club celebrated their Premier League triumph.
The squad - which will be cut to 23 before the tournament begins - did not include Tottenham attacker Erik Lamela and Paris Saint-Germain midfielder Javier Pastore though.
Barcelona star Lionel Messi will captain Argentina at the event, and is set to partner Aguero in a damaging strikeforce.
Sabella's men will face Trinidad and Tobago and Slovenia in preparation for the World Cup next month before they open their campaign against Bosnia-Herzegovina on June 15.
Squad in full:
Goalkeepers: Mariano Andujar (Catania), Agustin Orion (Boca Juniors), Sergio Romero (Monaco)
Defenders: Jose Maria Basanta (Monterrey), Hugo Campagaro (Inter), Martin Demichelis (Manchester City), Federico Fernandez (Napoli), Ezequiel Garay (Benfica), Lisandro Lopez (Getafe), Gabriel Mercado (River Plate), Nicolas Otamendi (Atletico Mineiro), Marcos Rojo (Sporting Lisbon), Pablo Zabaleta (Manchester City)
Midfielders: Ricardo Alvarez (Inter), Ever Banega (Newell's Old Boys), Lucas Biglia (Lazio), Angel Di Maria (Real Madrid), Augusto Fernandez (Celta Vigo), Fernando Gago (Boca Juniors), Javier Mascherano (Barcelona), Enzo Perez (Benfica), Fabian Rinaudo (Catania), Maximiliano Rodriguez (Newell's Old Boys), Jose Sosa (Atletico Madrid)
Forwards: Sergio Aguero (Manchester City), Franco Di Santo (Werder Bremen), Gonzalo Higuain (Napoli), Ezequiel Lavezzi (Paris Saint-Germain), Lionel Messi (Barcelona), Rodrigo Palacio (Inter)
