Then as a two-time world champion in the discipline Cancellara defeated Swede Gustav Larsson and American Levi Leipheimer to claim the gold medal by 33 seconds. In the road race he then finished second behind Spain's Samuel Sanchez.
Cancellara will take on the race against the clock with Michael Albasini, who is making his Olympic debut following a successful year which has included three stage wins and the overall title at the Volta Ciclista a Catalunya.
The pair will combine in the road race with Martin Elmiger, Gregory Rast and Michael Schär – the latter three also competing at the Olympics for the first time.
Martin Kohler has been named as a reserve.
Cancellara's season hit a speed bump when he fractured his collarbone at the Tour of Flanders on April 1. He finished second in the individual time trial at the recent Tour de Suisse but did not see the result as cause for concern with his focus firmly on the Olympics.
"I can't just go to London. I can really only lose. Four years ago I had gold and silver, so everyone expects that this time I will get double gold," he told Het Nieuwsblad last week.