Foden has already made an impact in the Premier League under Pep Guardiola at City, with whom he has won the league, and is set to do the same for England's U21 side alongside Leicester's James Maddison in midfield.
The number of players on the squad is hardly surprising. New players include Morgan Gibbs-White, who makes his U21 debut after having been an international at youth level.
England, who have not been European champions in their category since winning the title in 1982 and 1984, will face France, Romania and Croatia in Group C on 18 June.
Full squad:
Goalkeepers: Angus Gunn (Southampton), Dean Henderson (Manchester United) and Freddie Woodman (Newcastle United)
Defence: Jake Clarke-Salter, Jay Dasilva (Chelsea), Lloyd Kelly (Bournemouth), Jonjoe Kenny (Everton), Ezri Konsa (Brentford), Fikayo Tomori (Derby County) and Aaron Wan-Bissaka (Crystal Palace)
Midfield: Harvey Barnes, Hamza Choudhury, James Maddison (Leicester City), Kieran Dowell (Everton), Phil Foden (Manchester City), Morgan Gibbs-White (Wolverhampton Wanderers), Mason Mount (Derby County) and Ryan Sessegnon (Fulham)
Forwards: Tammy Abraham (Aston Villa), Dominic Calvert-Lewin (Everton), Demarai Gray (Leicester City), Reiss Nelson (Arsenal) and Dominic Solanke (Bournemouth)