The Japanese team's TS030 HYBRID was involved in an accident while testing at Circuit Paul Ricard in Le Castellet, France last week.
"Regrettably this damage is too severe to repair. A replacement monocoque cannot be produced and sufficiently tested to ensure reliability within the limited time available," a team statement said.
"We are deeply saddened to announce this decision and our sympathies are with the drivers, team members and fans who have been anticipating the Spa race so eagerly," Toyota Racing Team president Yoshiaki Kinoshita said.
"Since the accident we have looked into all options but unfortunately there is no alternative course of action open to us."
The team, including former Formula One drivers Alexander Wurz and Kazuki Nakajima, will now make their first appearance at the Le Mans 24 Hours in June.
- Related links