Carroll's participation at next month's finals is shrouded in mystery after Pearce delayed announcing his England squad until next week.
Pearce has already informed at least two players of their fate, Arsenal manager Wenger yesterday confirming Jack Wilshere's selection, with Scott Loach having revealed on Wednesday he himself had not made the cut.
In demand: Jack Wilshere (centre) has had a busy campaign for club and country
Wenger was opposed to Wilshere being drafted into the squad due to fears over burnout and believes giving Liverpool striker Carroll permission to withdraw could be interpreted as double-standards.
'I don't think he will do it because that is opening the door for any other complaints,' Wenger said.
'Players react like that, "If he doesn't go, why do I go?"
'That could be a dangerous game to leave Carroll behind. It could create many other problems. I would not be the first on the phone but there would be no logic in the attitude of selection.'
Carroll has endured an injury-hit second half of the season and is said to have questioned whether playing in the finals in Denmark could do him more harm than good ahead of the new campaign.
Wenger added: 'I could understand if Carroll doesn't go for injury problems but for fatigue problems it would be more difficult to convince people in England he is more tired than Jack Wilshere.'
Doubt: Andy Carroll has struggled for fitness since his move to Liverpool
It is fair to assume the vast majority of the 40-man provisional party named by Pearce earlier this month have now been made aware of whether they have made the final 23 and full details of the squad were expected to be released on Thursday.
But the Football Association then revealed it will now be announced on Monday, the same day as the senior squad for the June 4 European Championship qualifier against Switzerland.
The FA claimed the decision to delay was made because it was felt it was better to wait until after Sunday's final round of Barclays Premier League games before going public.
But the change will only serve to fuel speculation over the inclusion of Carroll.
Like Wenger, Liverpool boss Kenny Dalglish has suggested he is not in favour of players being drafted back into the Under 21 fold after graduating to the senior set-up.
Wenger has also expressed concern about 19-year-old Wilshere suffering burnout as result of the number of games he has played for club and country this season.
And he confirmed yesterday the midfielder would miss the start of the Barclays Premier League season and sit out England's August friendly against Holland.
Making a splash: Carroll (left) scored his first goal for England against Ghana at Wembley
He said: 'Jack Wilshere is in the red for a while now and this can be a risk for his health.
'He will respect the decision. He knows that he is nearly at the end of his energy level but he is keen to do well. He has played nearly 50 games this year. To go to a tournament for me is a massive risk.
'I am happy if the under-21s do well because I want England to do very well. I think it is not the right decision but will respect (it) and let him go.'
Pearce has been adamant that including the best players at his disposal is crucial not only to England's chances this summer but also to boosting the country's hopes of success at future World Cups and European Championships.
The omission of Watford goalkeeper Loach may spark speculation Fabio Capello is preparing to make him a permanent part of the senior set-up following Ben Foster's decision to make himself unavailable for selection.
Both Wilshere and Carroll are expected to be named in the senior squad against Switzerland at Wembley, meaning they would miss the under-21s' pre-tournament training camp.
England's Under-21 Championship campaign begins on June 12 and they will play three games in eight days, and five in 15 days if they reach the final.
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Explore more:People: Fabio Capello, Andy Carroll, Jack Wilshere, Kenny Dalglish, Stuart Pearce, Arsene Wenger, Ben Foster Places: Liverpool, The Netherlands, Denmark, United Kingdom, Switzerland Organisations: Football Association