Archer will be joined in the fast bowling group by Josh Tongue, who is uncapped in white-ball internationals but has impressed in the Test series Down Under.
Tongue was the leading wicket-taker in this year's Hundred with 14 wickets and has impressed in the two Ashes Tests, with 12 scalps at 18.58.
Ben Duckett returns after missing the three T20Is in New Zealand ahead of the ongoing tour of Australia.
Jamie Smith has been dropped after the wicketkeeper-batter was tried as an opener in the previous series.
Harry Brook will England's squad that will play a series against co-hosts before the tournament gets underway in February.
England T20 World Cup squad: Harry Brook (captain), Rehan Ahmed, Jofra Archer (World Cup only), Tom Banton, Jacob Bethell, Jos Buttler, Brydon Carse (Sri Lanka tour only), Sam Curran, Liam Dawson, Ben Duckett, Will Jacks, Jamie Overton, Adil Rashid, Phil Salt, Josh Tongue, Luke Wood
The International Cricket Council has rated the pitch used for the Boxing Day Ashes Test at the Melbourne Cricket Ground as "unsatisfactory", issuing the venue with one demerit point.
England have lost a third fast bowler on the Ashes tour after Gus Atkinson was ruled out of the fifth and final Test in Sydney due to a hamstring injury.
England captain Ben Stokes was happy that his team broke their Ashes drought in Australia but slammed the state of the pitch in Melbourne after the Boxing Day Test ended in two days.
England ensured the Ashes would not end in a clean sweep by securing a four-wicket win over Australia after just two days in the fourth Test at Melbourne.
