The Canadian has not played since losing to Denis Shapovalov in the round of 16 at the Madrid Open earlier this month and the world number 28 has seen his young compatriot rise two spots above him in the world rankings.
“It is with a heavy heart that I am withdrawing from Roland Garros. I have many great memories there, but I know I need to continue working hard to put myself in the best position when I step out on the court,” Raonic posted on Twitter.
“Thank you all for your support and see you soon on the grass,” the 27-year-old added.
Raonic, a French Open quarter-finalist in 2014, missed the back end of last season with the knee injury and made a first-round exit at the Australian Open on his return in January.
He pulled out in the round of 16 at the Monte Carlo Masters in April after a recurrence of the problem, which has hampered his efforts to replicate the form that saw him finish runner-up at Wimbledon in 2016.
The French Open begins on 27 May and will be broadcast on SBS..
