Delhi's Virat Kohli to make his international debut in the five-ODI series starting on August 18.
Ishant, under BCCI's the rotation policy, has been replaced by Munaf Patel but the lanky fast bowler would return to the 15-member side, also announced on Thursday, for next month's Champions Trophy in Pakistan.
The teams announced for the two events are otherwise the same except for Parthiv Patel being left out of the squad for Champions Trophy.
Sachin Tendulkar and Harbhajan Singh also make their ODI comebacks after being out of the team for different reasons.
A fit again S Sreesanth after recuperating from a shoulder injury, however, failed to make the cut.
Squad for ODI series against Sri Lanka:
Mahendra Singh Dhoni (captain), Yuvraj Singh (vice-captain), Virender Sehwag, Gautam Gambhir, Sachin Tendulkar, Rohit Sharma, Suresh Raina, Harbhajan Singh, Virat Kohli, Zaheer Khan, Praveen Kumar, RP Singh, Pragyan Ojha, Irfan Pathan, Parthiv Patel, Munaf Patel.
Champions Trophy:
Mahendra Singh Dhoni (captain), Yuvraj Singh (vice-captain), Virender Sehwag, Gautam Gambhir, Sachin Tendulkar, Rohit Sharma, Suresh Raina, Harbhajan Singh, Virat Kohli, Zaheer Khan, Praveen Kumar, RP Singh, Pragyan Ojha, Irfan Pathan, Ishant Sharma.