Valdes, who has played in Italy for a decade, has never played under Bielsa, who has been in charge of Chile since 2007. Valdes last played for his country in 2006.
Flamengo midfielder Claudio Maldonado was left out having come back in March from a knee injury he suffered playing for Chile against Slovakia in November.
Universidad de Chile midfielder Marco Estrada was included despite not playing much for his club side having not fully recovered from a leg injury.
Bielsa, whose team meet Mexico in a warm-up at the Azteca in Mexico City on Sunday, must trim his squad to 23 by June 1 for the finals starting on June 11 in South Africa where Chile face favourites Spain, Switzerland and Honduras in Group H.
Goalkeepers: Claudio Bravo (Real Sociedad), Miguel Pinto (Universidad de Chile), Luis Marin (Union Espanola)
Defenders: Waldo Ponce (Universidad Catolica), Gonzalo Jara (West Bromwich Albion), Gary Medel (Boca Juniors), Mauricio Isla (Udinese), Pablo Contreras (PAOK Salonika), Ismael Fuentes (Universidad Catolica)
Midfielders: Marco Estrada, Manuel Iturra (both Universidad de Chile), Roberto Cereceda, Rodrigo Millar, Jose Fuenzalida (all Colo Colo), Arturo Vidal (Bayer Leverkusen), Carlos Carmona (Reggina), Jorge Valdivia (Al Ain), Matias Fernandez (Sporting Lisbon), Jean Beausejour (Club America), Pedro Morales (Dinamo Zagreb), Gonzalo Fierro (Flamengo), Charles Aranguiz (Colo Colo), Jaime Valdes (Atalanta), Rodrigo Tello (Besiktas)
Forwards: Humberto Suazo (Real Zaragoza), Esteban Paredes (Colo Colo), Hector Mancilla (Toluca), Alexis Sanchez (Udinese), Fabian Orellana (Xerez), Mark Gonzalez (CSKA Moscow)
