Schleck, a 27-year-old rider from Luxembourg, suffered a fractured pelvis in a crash at last week's Criterium du Dauphine in France. The injury could keep Schleck out of competition for six weeks. The 2012 Tour de France begins June 30 and the Olympics start July 27.
"My world fell apart when I heard the news," Schleck said Wednesday. "I won't win the 2012 Tour de France. I won't even be in it."
Schleck was the runner-up to Alberto Contador in the 2009 Tour de France and ended up in second by 39 seconds behind Contador in 2010. That order of finish was changed in February 2012 when the Court of Arbitration for Sport supported a ruling that Contador had violated anti-doping rules and moved Schleck to the champion's position.
Schleck was second to Cadel Evans in the 2011 Tour de France.
Schleck's brother Frank, who was third in the 2011 tour, is considered one of the favorites for the 2012 Tour de France.