The squad features 12 players who were part of the ICC World T20 campaign earlier this year.
Having endured tendinitis in both knees in 2016, Schutt has been hard at work in the rehab facilities of the National Cricket Centre (NCC) in Brisbane and is close to full fitness.
Chosen by Cricket Australia's National Selection Panel, the squad will tour Sri Lanka for four one-day internationals and one Twenty20 international.
Commenting on the squad, National Selector Shawn Flegler said: "We believe this group contains a good mix of youth and experience that will give us the best chance of succeeding in Sri Lanka.
"We’ve got a number of options covered with our bowling attack as well as several batters who can produce the attacking game-style we want to play.
"The players have had a solid preseason with a number of camps held at the Bupa National Cricket Centre in Brisbane.
Dynamic duo Schutt & Jonassen declared fit ahead of Sri Lanka tour: https://t.co/qpsWNnEyoN pic.twitter.com/E8YiGccOZ8
%E2%80%94 Southern Stars (@SouthernStars) August 29, 2016
Cricket Australia has advised that Southern Stars fast bowler Sarah Coyte has chosen not to take up her Australian playing contract for 2016-17.
Coyte will take an indefinite break from touring with the women’s national side, but will continue to play for the Breezair SA Scorpions in the Women’s National Cricket League (WNCL) and the Adelaide Strikers in the Rebel Women’s Big Bash League (WBBL).
The first three ODIs of the series will offer Australia the chance to collect valuable ICC Women's Championship points.
The Southern Stars currently sit on top of the table, with the top four teams at the end of the year to gain automatic entry to next year's ICC Women's World Cup in England.
It will be the Southern Stars' first bilateral tour of the island nation.
The squad is due to fly out to Sri Lanka on 12 September.
Commonwealth Bank Southern Stars squad
| Meg Lanning (Captain) | Victoria |
| Alex Blackwell (Vice-Captain) | New South Wales |
| Megan Schutt | South Australia |
| Kristen Beams | Victoria |
| Nicole Bolton | Western Australia |
| Rene Farrell | New South Wales |
| Holly Ferling | Queensland |
| Grace Harris | Queensland |
| Alyssa Healy | New South Wales |
| Jess Jonassen | Queensland |
| Beth Mooney | Queensland |
| Erin Osborne | Australian Capital Territory |
| Ellyse Perry | New South Wales |
| Elyse Villani | Western Australia |
Commonwealth Bank Southern Stars v Sri Lanka Women schedule
15 September: Warm-up match, Colombo
18 September: First ODI, Dambulla
20 September: Second ODI, Dambulla*
23 September: Third ODI, Colombo*
25 September: Fourth ODI, Colombo*
27 September: Only T20, Colombo
*ICC Women’s Championship matches