England's Raheem Sterling, Dele Alli out vs. Panama, according to leaked team sheet
Pictures of a note bearing a hand-written lineup carried by Holland at England's training base in Repino on Thursday suggested Rashford, rather than Sterling, will start up front alongside Harry Kane while Ruben Loftus-Cheek comes in for the injured Dele Alli in midfield.
Sterling's starting place has been the subject of debate after he produced a below-par performance in England's 2-1 win over Tunisia in Volgograd on Monday, while Rashford and Loftus-Cheek both made a positive impact from the substitutes' bench.
Alli suffered a thigh strain against Tunisia and sources told ESPN FC on Tuesday that he would be a doubt to face Panama. The team sheet puts his (misspelled) name away from the rest of the team with a "medical" label.
Southgate has reportedly been considering whether to rotate his team for the Panama match, but England have gone to great lengths to try to ensure their preparations for their World Cup opponents remain secret.
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Three-metre high screens have been set up around their Repino training base to prevent outsiders spying on training, but Holland was reportedly carrying the piece of paper in full view of cameramen during an open session.
Calls for Loftus-Cheek to start have grown in light of his 10-minute cameo against Tunisia, which included creating a good chance for Rashford and forcing the corner kick that led to Kane's dramatic winner.
Rashford strengthened his own case in England's final pre-World Cup friendly against Costa Rica, capping a lively performance with a spectacular long-range goal.
Liam is ESPN FC's Chelsea correspondent. Follow him on Twitter: @Liam_Twomey.