The move was expected after Wentz was diagnosed with a fracture in his back and had been downgraded from questionable to doubtful Friday.
Super Bowl MVP Nick Foles will start Sunday for the Eagles (6-7), who are among three teams that trail Minnesota (6-6-1) for the sixth and final playoff spot in the NFC.
Wentz will not need surgery for the injury. He was listed on the injury report with back soreness during Weeks 7 and 8, but Pederson on Wednesday said the 25-year-old did not add to the issue during Sunday's 29-23 overtime loss to the Dallas Cowboys.
Drafted No. 2 overall by Philadelphia in the 2016 NFL Draft, Wentz was considered the front-runner for league MVP honors before he suffered a torn ACL and LCL against the Rams a year ago, throwing for 33 touchdowns and seven interceptions.
Foles started the first two games this season while Wentz continued to rehab from his knee injury. He threw for 451 yards with one touchdown and one interception as the Eagles split their first two games this season.
--Pittsburgh Steelers running back James Conner is unlikely to play in Sunday's showdown against the New England Patriots in Pittsburgh because of an ankle injury, according to the NFL Network's Ian Rapoport.
Conner missed Pittsburgh's loss at Oakland last week and practiced on a limited basis Friday after sitting out Tuesday and Wednesday. He is expected to be ready for the Week 16 game against the Saints in New Orleans.
Jaylen Samuels replaced Conner in the starting lineup against Oakland and rushed for only 28 yards on 11 carries but caught seven passes for 64 yards. Stevan Ridley also played and managed only four yards on five carries with a 2-yard touchdown run.
--The Los Angeles Chargers were without their best wide receiver during their second-half comeback against the Kansas City Chiefs on Thursday night.
Keenan Allen exited Thursday's game in the second quarter with what was later diagnosed as a hip pointer, the NFL Network reported Friday.
Los Angeles (11-3) ralled from a 14-point deficit in the fourth quarter to stun the Chiefs 29-28 on a last-second touchdown and two-point conversion to secure a postseason berth.
Allen, who landed on his hip, did not have a reception for the first time this season. According to the report, he suffered no structural damage and the injury is not expected to affect him long term.
It is unclear if Allen will be available for the Week 16 matchup against the Baltimore Ravens.