The former England captain has spoken of his disappointment at missing out of the 18-man party, with coach Stuart Pearce picking Giggs, Craig Bellamy and Micah Richards as his three over-age players.
Giggs played alongside Beckham for 10 years at Manchester United before the latter moved to Real Madrid in 2003.
Giggs told BBC One: "Obviously as a former team-mate and a friend of David I am disappointed for him, but he will take it on the chin and carry on his career.
"It's one of those things, it was not meant to be.
"That's Stuart Pearce's job to pick a team that he thinks will win and that's what he's done. Unfortunately David is not in that 18.
"I would like to say as a friend I wish he was. But I am sure the lads who are picked will go out and do the best they can."
Thirty-eight-year-old Giggs has never played in a major championship with Wales and is relishing the chance to be part of Team GB.
He added: "Really excited. Coming to London and feeling the buzz around the place for the Olympics, seeing the signs everywhere. It's a massive event and one I am looking forward to."