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Do we have any official confirmation of the direct entries into the Olympics or is just going to be announced on a country by country basis? And do we know when the ITF/IOC will announce the wildcards?

It's not super official, but as per one of the masterminds of WTAWorld who have the patience to keep track of these things here's the list I got for the WTA

Four singles player from each country allowed
A player must have made herself available for Fed Cup for 2 of 4 years between Olympic Games
Draw format:

56 Direct Acceptances, based on the recognised World Ranking of 11 June 2012
6 Final qualification places (ITF Places)
2 Tripartite Commission Invitation places

Players in RED don't qualify due to national quota (4 players per country) or due to not fulfilling Fed Cup requirement.

Olympic order | Ranking | Name | Points | Nationality

Race as of 9th June 2012

(assuming Szavay and Bacsinszky will use their Special Ranking to enter Olympics):

(1) 1 Maria Sharapova 9490 RUS1
(2) 2 Vika Azarenka 8800 BLR1
(3) 3 Agnieszka Radwanska 7230 POL1
(4) 4 Petra Kvitova 6895 CZE1
(5) 5 Samantha Stosur 6180 AUS1
(6) 6 Serena Williams 5700 USA1
(7) 7 Caroline Wozniacki 4366 DEN1
8 Marion Bartoli 4070 FRA1
(8) 9 Angelique Kerber 4055 GER1
(9) 10 Sara Errani 3350 ITA1
(10) 10 Na Li 3335 CHN1
(11) 11 Dominika Cibulkova 3180 SVK1
(12) 12 Vera Zvonareva 3160 RUS2
(13) 13 Ana Ivanovic 3070 SRB1
(14) 15 Sabine Lisicki 2697 GER2
(15) 16 Kaia Kanepi 2519 EST1
(16) 17 Flavia Pennetta 2470 ITA2
(17) 18 Andrea Petkovic 2421 GER3
(18) 19 Maria Kirilenko 2295 RUS3
(19) 20 Roberta Vinci 2165 ITA3
(20) 21 Lucie Safarova 2085 CZE2
(21) 22 Jelena Jankovic 2080 SRB2
(22) 23 Nadia Petrova 2005 RUS4
(23) 24 Daniela Hantuchova 1950 SVK2
(24) 25 Julia Goerges 1945 GER4
(25) 26 Petra Cetkovska 1945 CZE3
(26) 27 Francesca Schiavone 1920 ITA4
(27) 28 Anabel Medina Garrigues 1835 ESP1
(28) 29 Christina McHale 1750 USA2
(29) 30 Monica Niculescu 1735 ROU1
(30) 31 Shuai Peng 1730 CHN2
(31) 32 Jie Zheng 1730 CHN3
33 Svetlana Kuznetsova 1701 RUS5
34 Anastasia Pavlyuchenkova 1681 RUS6
(32) 35 Klara Zakopalova 1630 CZE4
36 Mona Barthel 1511 GER5
(33) 37 Yanina Wickmayer 1510 BEL1
(34) 38 Carla Suarez Navarro 1466 ESP2
(35) 39 Tsvetana Pironkova 1401 BUL1
(36) 40 Simona Halep 1400 ROU2
41 Ksenia Pervak 1365 KAZ1
(37) 42 Petra Martic 1351 CRO1
43 Chanelle Scheepers 1350 RSA1
(38) 44 Polona Hercog 1320 SLO1
(39) SR 44 Agnes Szavay HUN1
(40) 45 Maria Jose Martinez Sanchez 1293 ESP3
(41) 46 Marina Erakovic 1287 NZL1
(42) 47 Venus Williams 1275 USA3
(43) SR 47 Timea Bacsinszky SUI1
(44) 48 Sofia Arvidsson 1260 SWE1
(45) 49 Shahar Peer 1255 ISR1
(46) 50 Sorana-Mihaela Cirstea 1211 ROU3
(47) 51 Kim Clijsters 1211 BEL2
(48) 52 Varvara Lepchenko 1209 USA4
53 Iveta Benesova 1190 CZE5
54 Ekaterina Makarova 1172 RUS7
(49) 55 Galina Voskoboeva 1168 KAZ2
(50) 56 Aleksandra Wozniak 1140 CAN1
(51) 57 Tamira Paszek 1117 AUT1
58 Sloane Stephens 1117 USA5
59 Vania King 1087 USA6
60 Barbora Zahlavova Strycova 1058 CZE6
(52) 61 Irina-Camelia Begu 1030 ROU4
(53) 62 Yaroslava Shvedova 1012 KAZ3
(54) 63 Urszula Radwanska 1001 POL2
(55) 64 Silvia Soler-Espinosa 985 ESP4
(56) 65 Su-Wei Hsieh 981 TPE1
-------------------CUT-OFF------------------------
66 Kateryna Bondarenko 975 UKR1
67 Lucie Hradecka 944 CZE7
68 Timea Babos 933 HUN2
69 Romina Oprandi 898 SUI2
70 Anna Tatishvili 870 GEO1
71 Arantxa Rus 862 NED1
72 Alexandra Panova 859 RUS8
73 Alize Cornet 857 FRA2
74 Kimiko Date-Krumm 851 JPN1
75 Jarmila Gajdosova 842 AUS2
76 Anne Keothavong 836 GBR1
77 Stephanie Foretz Gacon 832 FRA3
78 Pauline Parmentier 831 FRA4
79 Michaella Krajicek 815 NED2
80 Mathilde Johansson 813 FRA5

DOUBLES

Huber/Raymond 2 (USA)
Errani/Vinci 7 (ITA)
Kirilenko/Petrova 18 (RUS)
Kerber/Lisicki 24 (GER)
Peschke/Safarova 26 (CZE)
Vesnina/Makarova 28 (RUS)
Hradecka/Hlavackova 30 (CZE)
Cibulkova/Hantuchova 36 (SVK)
Shvedova/Voskoboeva 41 (KAZ)
Pennetta/Schiavone 42 (ITA)
Martinez/Llagostera 42 (ESP)
Goerges/Petkovic 43 (GER)
Rodionova/Gajdosova 52 (AUS)
Zheng/Peng 53 (CHN)
Williams/Williams 53 (USA)
Medina/Parra 53 (ESP)
Niculescu/Begu 57 (ROU)
Radwanska/Radwanska 66 (POL)
Dulko/Suarez 66 (ARG)
Dellacqua/Stosur 68 (AUS)
Srebotnik/Klepac 68 (SLO)
Rosolska/Jans-Ignacik 88 (POL)
Hsieh/Chuang 89 (TPE)
Halep/Cirstea 90 (ROU)

Haven't seen anything on the men's side nor the mixed doubles draws yet.