FIFA's 24-man executive also turned down calls to restrict the 2012 Olympic men's soccer tournament to players 21 and under, and will stick with an under-23 format plus three overage players for the London Games.
European governing body UEFA wanted the change to ensure that top players stay with their clubs during preseason training.
But the current format is popular with the International Olympic Committee because it allows teams to select some of the game's biggest names to play for the gold medal.
At the last Olympics in China, then 28-year-old midfielder Ronaldinho played for Brazil, 30-year-old midfielder Juan Roman Riquelme represented Argentina and 33-year-old striker Roy Makaay turned out for the Netherlands.
Recognizing the rise and spread of women's international soccer, the executive committee also announced an expansion of the Women's World Cup from 16 teams from 24 in 2015, although no venue has yet been decided. In Germany in 2011 it will stay at 16 teams.
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