Instead, left-back Felix Montebovi is included in the squad. The 20-year-old is making his championship debut.
Jerry Tollbring was back in a championship squad for the first time since Euro 2020. But a calf injury has meant he has not been able to train fully since the team gathered in Gothenburg last Friday.
"It is, of course, extremely sad for Jerry, who has fought for several years to get back to the national team," says national team captain Michael Apelgren in a press release.
"In consultation with the medical team, after yesterday's tests, we have made this tough decision, as we have an intense month ahead and need healthy players in the squad throughout training and the championship."
Tollbring says he was looking forward to the European Championship and is disappointed.
"Although I believe I could be back soon, I understand and respect the management's decision," he says.
Felix Montebovi, who was called up to the squad on Sunday and played in the friendly match against Brazil on Monday, takes Tollbring's place in the European Championship squad.
"My first reaction when I got the news was shock. It has always been a dream to play in the championship for Sweden, and it feels incredibly honorable," says Montebovi, who has only played three international matches.
Sweden begins the European Championship, co-hosted by Sweden and Denmark, against the Netherlands on January 17.
