However, Folau attacked from the frontline but defended at fullback after Kerevi was taken from the field against New Zealand, and Cheika is believed to be in favour of persisting with the hybrid role as opposed to a permanent shift.
There are no real surprises in the squad, mainly because Fijian-born winger Korobiete revealed he would be going on the European tour while he was still playing for NRL side Melbourne Storm.
Latu and Godwin have been standouts for the NSW Country Eagles, who were beaten by Perth Spirit in the National Rugby Championship grand final at the weekend, and both have previous Wallaby squad experience.
Halfback Will Genia has been released by his French club Stade Francais for a Test recall as the tour comes inside World Rugby's international window.
The trip represents just the third full Grand Slam tour of the United Kingdom and Ireland for the Wallabies since the success of the 1984 side led by Andrew Slack.
Australia will also take on France on November 19 and the French Barbarians on November 24, with players from outside the squad likely to be called upon for the latter fixture.
That could be a good opportunity to blood the likes of Taniela Tupou, Izaia Perese and Jack Dempsey, who will reportedly join the Wallabies on tour as development players. The team will depart for Europe on Friday.
Wallabies: Allan Alaalatoa, Rory Arnold, Adam Coleman, Quade Cooper, Kane Douglas, Scott Fardy, Israel Folau, Bernard Foley, Nick Frisby, Will Genia, Kyle Godwin, James Hanson, Dane Haylett-Petty, Reece Hodge, Michael Hooper, Sekope Kepu, Marika Koroibete, Tevita Kuridrani, Tolu Latu, Sean McMahon, Stephen Moore (capt), Dean Mumm, Sefanaia Naivalu, Nick Phipps, David Pocock, Tom Robertson, Rob Simmons, Scott Sio, Will Skelton, Henry Speight, James Slipper, Lopeti Timani.
European Tour schedule:
Wales vs Australia at Millennium Stadium - November 6
Scotland vs Australia at Murrayfield - November 13
France vs Australia at Stade de France - November 20
Ireland vs Australia at Aviva Stadium - November 27
England vs Australia at Twickenham - December 4