Real Madrid's Isco and Manchester United transfer target Saul Niguez, of Atletico Madrid, have been left out of Spain's final 23-man squad for UEFA EURO 2016.

Real Madrid defender Dani Carvajal, named in the initial 25-man list, is not included due to an injury suffered during the UEFA Champions League final. Arsenal full-back Hector Bellerín, capped for the first time on Monday (AEST), will take his place.

"We've tried to balance the squad and I think we are well covered with these 23 players," Spain manager Vicente Del Bosque said. "There are other players who could have made it but every player on the list is there by merit."

Spain squad:

Goalkeepers: Iker Casillas (Porto), David de Gea (Manchester United), Sergio Rico (Sevilla).

Defenders: Sergio Ramos (Real Madrid), Gerard Piqué (Barcelona), Jordi Alba (Barcelona), Marc Bartra (Barcelona), Cesar Azpilicueta (Chelsea), Mikel San José (Athletic Club), Juanfran (Atlético Madrid), Héctor Bellerín (Arsenal FC).

Midfielders: Bruno Soriano (Villarreal), Sergio Busquets (Barcelona), Koke (Atlético Madrid), Thiago Alcântara (Bayern), Andrés Iniesta (Barcelona), David Silva (Manchester City), Cesc Fábregas (Chelsea).

Forwards: Aritz Aduriz (Athletic Club), Nolito (Celta Vigo), Álvaro Morata (Juventus), Pedro Rodríguez (Chelsea FC), Lucas Vázquez (Real Madrid).