Rashford, 26, has been in disappointing form this season, scoring just 8 goals for Erik ten Hag's men across all competitions.
His place in the England squad was in even further jeopardy after losing his place to Alejandro Garnacho in recent weeks.
Rashford left out of Euro 2024 squad
🚨 Marcus Rashford not part of initial England squad for Euro 2024. 26yo Manchester United attacker made strong impact at World Cup + selected for last camp but expected to miss out of provisional group Gareth Southgate names @TheAthleticFC #EURO2024 #MUFC https://t.co/pVHAuNX7it
— David Ornstein (@David_Ornstein) May 21, 2024
Rashford has also suffered several injury niggles throughout the season and has not looked in great shape at any point.
Henderson is also expected to be left out of the squad to fly to Germany this summer.
The former Liverpool captain struggled after moving to the Saudi Pro League and he has been unable to recover his form since joining Ajax in January.
Other names expected to miss out are Manchester City's Kalvin Phillips, and Chelsea left-back Ben Chilwell.
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