Paine is the selection bolter and gets the nod despite few appearances for his Tasmania state side behind Wade this season.
In that match, Wade was preferred to Paine as the keeping option.
Speaking on Paine's selection, Trevor Hohns said: "Tim was identified as an worldwide player a long time ago and has always been renowned as a very good gloveman, also performing well for us whenever he has represented Australia in any format".
Former Australian Test cricketer John Hastings can't see how selectors looked past the country's top two keepers, praising Nevill with a huge compliment.
Pundits were quick to query the decision.
"I just think right now England have got more gaps and more cause for concern in not only in their 11 but in their entire squad, than what Australia have". "It'll come back for him, I'm sure". He also scored an unbeaten 71 against Victoria in the Sheffield Shield this week playing as a frontline batsman.
"I feel like I'm probably more ready now than I was when I played (before), certainly more mature".
"I've been lucky enough to be around an worldwide cricket team before so I know what to expect so I feel like I'm in a good place for it".
Jackson Bird and the uncapped Chadd Sayers have been selected as the back-up bowlers to the formidable pace trio of Mitchell Starc, Josh Hazlewood and Pat Cummins.
There will be a new face at the top of the order in Cameron Bancroft, who has been scoring prolifically for Western Australia and replaces the out of form English-born Matt Renshaw.
The first of the five-test Ashes will be played at the Gabba in Brisbane from Thursday and the series would be closely fought, according to Warne, who took 708 wickets in 145 tests in a career spanning 15 years.
England seamer Jake Ball is likely to miss the tourists' final warmup ahead of the first Ashes test, beginning on November 23 in Brisbane, after suffering an ankle ligament strain in the tour match at Adelaide Oval.
The 42-year-old said England's only chance of winning a match was the second test in Adelaide.