Evans mounted a disappointing defence of the yellow jersey, finishing seventh in Paris last week as Bradley Wiggins gave the Olympic hosts a pre-Games boost by becoming the first British rider to win the endurance classic.
The 35-year-old competed in the Australian team in the Olympic road race on Saturday and finished 79th.
"He has been seen by the Cycling doctor Dr Mark Fisher and Olympic Team Medical Director, Dr Peter Baquie, and they have confirmed he is fatigued and will not recover in time for Wednesday," said a statement.
The statement said Evans would not be replaced in the race and Michael Rogers would be the only Australian to take part.
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