World number one Williams retired with a knee injury when trailing Australia's Jarmila Wolfe 7-5 2-1 in the Hopman Cup on Tuesday.
She had been due to play in the United States' final match of the round-robin tournament on Thursday.
Maria Sharapova has withdrawn from the Brisbane International this week.
The five-time Grand Slam winner retired with an arm injury, while world number two Simona Halep pulled out with an inflamed Achilles and world number three Garbine Muguruza quit the tournament with a foot injury.
The Australian Open begins on 18 January.
Williams, who also missed the United States' opening Hopman Cup tie on Monday, will be replaced by Vicky Duval against the Czech Republic.
