The Durham player sustained the injury at the end of the South Africa tour earlier this month.
He had several scans in London, which confirmed a small tear to his left side – the same side he injured in July’s World Cup final, which meant he missed the Ashes.
Saqib Mehmood the Lancashire Seamer will replace Wood in the Test squad.
The England Test squad travels to Sri Lanka on Monday before two Tests later in March.
Wood will now start an injury rehabilitation programme, working with England and Durham medical teams.