Stepanek has been nursing an ankle problem of late but is expected to play doubles at this week's ATP World Tour Finals in London on Tuesday night.
He and current world number six Tomas Berdych have played in all the Czechs' live rubbers in the competition this season so captain Jaroslav Navratil will despeately want the veteran to play.
Lukas Rosol, the man who stunned Rafael Nadal at Wimbledon this year, and Ivo Minar complete the team.
The Czech Republic will have home advantage for the final, which is taking place at Prague's O2 Arena.
They have chosen a slick indoor hardcourt for the final, which takes place from November 16-18, in a bid to negate Spain's strength on slower courts.
The Spanish named their side on Monday, picking David Ferrer, Nicolas Almgaro, Marc Lopez and Marcel Granollers.
This means world number five Ferrer is the sole survivor from last year's final win over Argentina.
With injury again robbing the defending champions of Rafael Nadal, they will retain the same squad that beat the United States in the semi-finals.
Like Ferrer, Granollers and Lopez are currently in action at the Barclays ATP World Tour Finals at the O2 Arena in London.