Ferrer, 33, was due to face Britain’s James Ward in the first round of the grass-court Grand Slam, which starts on Monday.
But the eighth seed, a Wimbledon quarter-finalist in 2012 and 2013, has decided against risking further damage to the elbow.
“David Ferrer has withdrawn from the Gentlemen’s singles due to an elbow injury,” a Wimbledon statement read on Sunday.
The former French Open finalist’s place is taken by lucky loser Luca Vanni, with the Italian due to face Ward on Tuesday.
Ferrer could have been a potential quarter-final opponent for 2013 champion Andy Murray, and his withdrawal may also prove a boost for Rafael Nadal, who was scheduled to meet his compatriot in the last 16.