The four-time grand slam winner will instead spend time with friends and family before the home Olympics in Tokyo.
The announcement comes just over two weeks after the Japanese world runner-up withdrew from the French Open with reference to her mental illness.
The 23-year-old then said that she would take a break from tennis.
Naomi Osaka, on the other hand, plans to return to the home Olympics in Tokyo.
She says she is "tagged before playing in front of the home supporters", according to the BBC.
Osaka attracted a lot of attention when she announced in May that she did not intend to attend the obligatory press conferences after the matches in the French Open. Osaka was fined a maximum of 15,000 dollars, approximately 128,000 kronor, after the initial match and risked being disqualified if the media boycott continued. The next day, the star decided to withdraw from the tournament in Paris to "protect his mental health".