The 32-man group will defend the Under-20 Six Nations title before heading to France for the IRB Junior World Championship next June.
Second-rower Price was a member of the national squad last season, while Wells is called up for the first time.
Wells has played in Academy teams at lock and back row, and joined the Tigers senior squad in pre-season matches against Jersey, Ulster and Nottingham.
England head coach Rob Hunter, assisted by Nick Walshe, has called on 15 players previously capped at this level while five of the squad represented England at Under-18 level last season.
Hunter said: “We’re excited to work with the players in our squad. There is always huge competition at this age grade and a lot of players getting first-team rugby at their clubs. It’s an exciting, skilful and powerful group. Competition for places will be high, but that’s just what you want.”
Since the formation of the England Under-20 side in 2007 – replacing the Under-21 set-up – they have won 39 of their 50 matches, winning Six Nations Grand Slams in 2008, 2011 and 2012
England U20 Elite Player Squad 2012/13
Forwards
Dominic Barrow (Leeds Carnegie)*
Jack Clifford (Harlequins)*
Luke Cowan Dickie (Exeter Chiefs)*
Max Crumpton (Saracens)*
Matt Hankin (Saracens)
Alec Hepburn (London Wasps)*
Tom Jubb (Saracens)
Ross Moriarty (Gloucester Rugby)**
Nathan Morris (London Wasps)*
Tom Price (Leicester Tigers)*
Kyle Sinckler (Harlequins)*
David Sisi (London Irish)*
Scott Spurling (Saracens)*
Elliott Stooke (Gloucester Rugby)*
Harry Wells (Leicester Tigers)
Scott Wilson (Newcastle Falcons)**
Backs
Jack Arnott (Exeter Chiefs)
Callum Braley (Bristol Rugby)**
Tom Collins (Northampton Saints)
Alex Day (Northampton Saints)*
Ollie Devoto (Bath Rugby)
Nathan Fowles (Sale Sharks)
Sam Hill (Exeter Chiefs)*
Will Hooley (Northampton Saints)
Ben Howard (Worcester Warriors)
Mark Jennings (Sale Sharks)
Richard Lane (Bath Rugby)
Jack Nowell (Exeter Chiefs)
Henry Slade (Exeter Chiefs)*
Tom Stephenson (Northampton Saints)**
Josh Watkins (Worcester Warriors)**
Anthony Watson (London Irish)*
* Capped at Under-20 last season
** Capped at Under-18 level last season
