The loose forward suffered the right scapular injury after coming on as a replacement in the 23-7 loss to England in Melbourne on Saturday, which saw Australia go 2-0 down in the three-match series.
McCalman had been brought into the matchday 23 after David Pocock, who played number eight in the opening test in Brisbane, fractured an eye socket.
Coach Michael Cheika has called up uncapped loose forward Leroy Houston in place of McCalman but the injury limits his options to revert to a more traditional back row for the Sydney Football Stadium clash.
Cheika has used two specialist openside flankers in tandem since the Rugby Championship last year, with Sean McMahon and Michael Hooper combining with blindside Scott Fardy in Melbourne.
Apart from Houston, 57-cap Wycliff Palu is the only specialist number eight in the squad.
McCalman will also miss the rest of the Super Rugby season for the struggling Western Force.
(Reporting by Nick Mulvenney; Editing by Peter Rutherford)
