The 33-year-old suffered the injury during the third one-day international against West Indies and missed the final two games.
Michael Clarke has been appointed vice-captain while opening batsman Matthew Hayden has been included after overcoming an Achilles injury.
Brad Haddin is likely to be first-choice wicketkeeper despite returning early from the recent West Indies tour with a broken finger.
Beau Casson, who made his Test debut during the recent series, and Ben Hilfenhaus have not been included in the squad, which will be trimmed to 15 by 11 August.
"Shaun Tait has been included as he continues his extensive rehabilitation programme to resume playing cricket," said National Selection Panel chairman Andrew Hilditch.
"Shaun had a significant impact in our World Cup victory and at his best is a formidable weapon in one-day cricket."
Tait took 23 wickets during the 2007 World Cup in the West Indies at an average of 20.30.
Australia are the current holders of the ICC Champions Trophy, which is set to start on 11 September.
However, Australia have already voiced security concerns about Pakistan hosting the tournament.
The Australians pulled out of a tour to Pakistan earlier this year and a recent bombing in Islamabad has raised further concerns.
The ICC is awaiting final security reports before making a decision on whether the tournament should proceed as planned or be switched to an alternative venue.
Batsman Mike Hussey says the players will take their guidance from Cricket Australia and players union, the Australian Cricket Association.
"We haven't discussed it too much at this stage," said Hussey.
"We did have a security adviser go over there to do a security check and see how things were going."