Gasol was hopeful he would be recovered in time to plan in Rio de Janeiro but is now focusing on making sure he's ready to go for the 2016-17 NBA season.
Gasol has teamed with older brother Pau on past Spain national teams. Pau Gasol will play in the Rio Games.
Spain won the silver medal in each of the past two Olympics.
Marc Gasol is a two-time NBA All-Star.