It is now clear that 51-year-old Riise, who was praised as the world's best player in 1995, will continue until Sarina Weigman takes over as English national team captain in September.
Hege Riise is assisted in the Olympics by Rhian Wilkinson.
The UK is lined up with a united team in the Olympics.
"We could not have been more impressed with the effect that Hege and Rhian had in such a short time with the English national team," said the English Football Association's women manager Sue Campbell in a press release.
Great Britain is one of twelve teams in women's Olympic football in Japan, where Sweden also qualified.