The veteran Los Angeles Galaxy star had long been earmarked for a place in the 18-man squad after helpingLondon secure the Games back in 2005.
But despite Beckham making the shortlist, team coach Pearce ultimately opted for Ryan Giggs, Craig Bellamy and Micah Richards as his over-age players.
The former Manchester United and Real Madrid midfielder admits it came as a blow because of the pride he would have felt to be involved.
"Everybody knows how proud I am to represent my country and to do it in my home town on such a big stage would have been incredible," Beckham told Sky Sports News.
"So of course yeah I am disappointed..
"I am very proud to be an ambassador and I have been for the years that has led up to this.
"Getting the Olympics was one of the proudest moments to be involved in with the bid team. It was an incredible moment.
"And then all the talk of me possibly performing in the Olympics would have been a very proud moment for me.
"Ryan obviously has had such an amazing career with Manchester United and also with the Welsh team and he deserves to be there.
"He deserves to play in a big competition like this. It would have been great to have been there with him because we have a lot of great memories from playing for Manchester United.
"I hope he gets a gold medal."
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