With a number of big names resting up ahead of the European trials, Caldwell, the 22-year-old based in New Mexico, will make his international track debut in the 5000 metres. Waite, the steeplechase specialist who plans to retire after the Commonwealth Games, will look to improve on her fifth-place finish at the same event 12 months ago.
Also included in the squad is the Olympic long jump champion Greg Rutherford and former world triple jump champion Phillips Idowu, who returns to the fold to add experience to a youthful line-up.
"In comparison to last year's team, this is very much a developmental squad because of the confines of a crowded calendar this summer and the Sainsbury's British Championships just a week later," said Neil Black, performance director of British Athletics.
"It will greatly benefit the teams for future major championships and I am really looking forward to seeing how these guys perform."