Djokovic has not played an official match since going down to then-world number 204 Valentin Vacherot in the semi-finals of the Shanghai Masters earlier in October.
The 38-year-old struggled physically throughout that match, throwing up courtside and receiving medical treatment multiple times.
"Dear Paris, unfortunately, I'll not compete at this year's (tournament)," the 24-time Grand Slam winner said on social media.
"I have amazing memories and great success over the years, especially being able to conquer the title 7 times.
"Hope to see you next year."
Last week, Djokovic was forced to abandon his third-place match against American Taylor Fritz at the Six Kings Slam in Saudi Arabia.
The Serbian skipped the Paris Masters last season as he has drastically reduced the number of tournaments in which he competes as he continues his quest for a record-breaking 25th major title.
World number 10 Holger Rune will also miss this year's Paris Masters, which runs from October 27th to November 2nd, after announcing he underwent an operation on his Achilles tendon.
"Surgery went really well... I will keep you updated on my recovery. But now rest and heal," the Dane posted Tuesday on Instagram.