Jimenez has not played since August 31 due to a troubling groin injury, but he will be heading to Qatar as one of five forward options in Gerardo Martino's squad.
The 31-year-old has been an ever-present member of the Mexico squad over the last 10 years and has scored 29 times in 96 international appearances.
Should Jimenez recover in time to lead the line for Mexico, the experienced striker could be joined in attack by Napoli star Lozano who is enjoying a superb campaign with the Serie A leaders, contributing with four goals and three assists in 19 games.
The 27-year-old has already notched up 16 goals in 59 international appearances for El Tri, including a crucial strike in a famous 1-0 victory over four-time world champions Germany in the group stage of the 2018 World Cup.
Another standout performer at the previous World Cup, Guillermo Ochoa, is one of three goalkeeper along with Alfredo Talavera and Rodolfo Cota to be selected in Martino's squad, with the 37-year-old expected to add to his 131 international caps in Qatar.
Indeed, all three shot-stoppers are among the 16 squad members who ply their trade in the Mexican Liga MX, with in-form striker Henry Martin - who has scored 10 goals in 17 top-flight games this term - one of three representatives from 13-time champions Club America.
Experienced midfielder Hector Herrera - of MLS outfit Houston Dynamo - will be taking part at his third World Cup, while the remaining nine players in Martino's squad play their club football in Europe.
Ajax duo Edson Alvarez and Jorge Sanchez have both been included along with PSV Eindhoven midfielder Erick Gutierrez.
Veteran Real Betis midfielder Andres Guardado - Mexico's most capped player with 179 international appearances to his name - will be heading to his fifth World Cup, having previously featured in the 2006, 2010, 2014 and 2018 tournaments.
One notable absentee from Martino's squad is Sevilla winger Jesus Corona, who remains sidelined after breaking his leg back in August.
Braga winger Diego Lainez - on loan from Real Betis - Monterrey playmaker Rodolfo Pizarro - on loan from Inter Miami - and Feyenoord striker Santiago Gimenez have also failed to make the cut.
Mexico will lock horns with Argentina, Saudi Arabia and Poland in Group C, with their opening fixture against the latter on November 22.
Mexico's 2022 World Cup squad in full:
Goalkeepers: Guillermo Ochoa (Club America), Alfredo Talavera (FC Juarez), Rodolfo Cota (Club Leon)
Defenders: Jorge Sanchez (Ajax), Kevin Alvarez (Pachuca), Nestor Araujo (Club America), Johan Vasquez (Cremonese), Hector Moreno (Monterrey), Cesar Montes (Monterrey), Gerardo Arteaga (Genk), Jesus Gallardo (Monterrey)
Midfielders: Andres Guardado (Real Betis), Hector Herrera (Houston Dynamo), Carlos Rodriguez (Cruz Azul), Erick Gutierrez (PSV Eindhoven), Luis Chavez (Pachuca), Edson Alvarez (Ajax), Orbelin Pineda (AEK Athens), Luis Romo (Monterrey), Roberto Alvarado (Guadalajara), Uriel Antuna (Cruz Azul)
Forwards: Alexis Vega (Guadalajara), Hirving Lozano (Napoli), Raul Jimenez (Wolverhampton Wanderers), Henry Martin (Club America), Rogelio Funes Mori (Monterrey)