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“I am very disappointed to announce my withdrawal from the 2012 Olympic Games,” he tweeted.
Bogut, the top choice of the 2005 NBA Draft by the Milwaukee Bucks, played in only 12 games this season before breaking his left ankle on January 25 at Houston.
The 27-year-old seven-footer has also been hampered by surgery on his right hand and elbow in 2010 and another operation on his right elbow in April last year.
“After seeing a specialist I have decided it would be best to get my ankle cleaned out via arthroscopic surgery,” Bogut said on Twitter.
“There is simply not enough time to rehab and be fully fit for the Games. Shattered thinking about missing the 2012 Olympics.
“They truly are a life-changing experience and something that you will always remember.”
The Bucks traded Bogut to the Golden State Warriors as part of a five-player deal in March.
As Australia’s highest-profile player and a two-time Olympian, he was to be one of the cornerstones of Australian coach Brett Brown’s London plans.
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