Musetti, who reached the Wimbledon semi-finals in 2024, has not played since he fell to Casper Ruud in the fourth round of the Italian Open in Rome in mid-May.
"I want to update you on my recovery from the injury I sustained in Rome: rehabilitation is going very well and the medical results are encouraging," the 24-year-old Musetti wrote on Instagram.
"Unfortunately, as I have not yet been able to begin a full athletic training program, and after careful evaluation, we have come to the difficult conclusion that I will not be able to participate in Wimbledon this year."
"It is not an easy decision, but it is the right one."