It would be the first Olympic action for Lillard, who dropped out of consideration for the Rio Games in 2016, while Green would be making his second appearance after suiting up for Team USA in 2016.
Both Lillard and Green are available to play for Team USA after their respective NBA squads failed to make deep playoff runs.
This summer, Team USA will be seeking its fourth consecutive gold medal, after taking home the gold in 2008, 2012, and 2016.
Training camp for Team USA is scheduled to on July 6 in Las Vegas, with the Olympics set to start on July 23 in Tokyo.
Los Angeles Lakers forward LeBron James has already shot down the idea of playing, while Green’s Warriors teammate, Steph Curry, is up in the air about playing.