Australia axe McSweeney, call up Konstas for fourth India Test
Fast bowler Jhye Richardson was also included in the 15-man lineup to give the team more options with Josh Hazlewood sidelined by a right calf injury.
The two sides are locked at 1-1 in the five-Test series with India needing one more win to retain the Border-Gavaskar Trophy.
McSweeney had played in all three Tests so far after winning the race to replace the retired David Warner at the top of the order alongside Usman Khawaja.
But the 25-year-old, who is not a specialist opener, struggled to assert himself, particularly against Indian spearhead Jasprit Bumrah.
His highest score was 39 and he was dismissed for nine and four in the third Test at Brisbane.
In contrast, 19-year-old Konstas has been in sizzling domestic form with calls mounting to bring him into the international fold.
Earlier this season, he became the youngest player since Ricky Ponting to score two centuries in the same Sheffield Shield match.
He also slammed a century playing for the Prime Minister's XI against India.
His inclusion does not necessarily mean he will play, with reserve batsman Josh Inglis also a potential opening partner for Khawaja.
"Sam gets a call up to the Test squad for the first time. His style of batting offers a point of difference and we look forward to watching his game develop further," said chief selector George Bailey.
"We remain confident Nathan has the ability and temperament to succeed at Test level in the future. It was a difficult decision to leave him out.
"It has clearly been a challenge at the top of the order for batters throughout the series and we want to provide the option of a different line up for the next two matches," he added.
Despite Richardson returning to the squad after a wretched run with injuries, Scott Boland is widely expected to replace Hazlewood in the starting XI alongside fellow quicks Pat Cummins and Mitchell Starc.
"In the absence of Josh Hazlewood, Jhye provides further options in the fast bowling space," said Bailey.
"It has been pleasing to see his successful return throughout the early part of the domestic summer."
Australia squad: Pat Cummins (capt), Travis Head, Steve Smith, Sean Abbott, Scott Boland, Alex Carey, Josh Inglis, Usman Khawaja, Sam Konstas, Marnus Labuschagne, Nathan Lyon, Mitchell Marsh, Jhye Richardson, Mitchell Starc, Beau Webster