Coach Luigi Di Biagio finalised his 23-man squad for the tournament, hosted by Italy, on Thursday - with the two Giallorossi midfielders both making the cut.
The two players will join up with the squad following their involvement with the senior squad this week.
The tournament takes place from the 16-30 June.
Italy have been drawn in Group A alongside Spain, Poland and Belgium. They kick off the competition against Spain in Bologna on June 16.
Coach Di Biagio has named a strong squad, also calling on the likes of Federico Chiesa, Nicolo Barella and Moise Kean.
For Pellegrini it will be his second taste of the competition, having helped his country reach the semi-finals in 2017.
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