The 30-year-old Canadian missed the French Open this year and had not played since the Masters 1000 in Miami in March.
"I am incredible (sic) sad and hurt that I won't be ready to compete at Wimbledon this year," Raonic said on Instagram, explaining that during his preparations he had hurt his calf and then suffered a "minor setback".
He joins a long list of absentees for Wimbledon, including Rafael Nadal, Dominic Thiem and Naomi Osaka.
Raonic lost in straight sets to Britain's Andy Murray in the final five years ago.
