The entertainer had been due to make his big TV comeback as a contestant on the ITV skating show in the new year, but has injured himself during training.
He will be replaced on the line-up by former Blue Peter presenter Radzi Chinyanganya.
In a statement, Michael said: “Shortly after shooting the Dancing On Ice Christmas Special I took a tumble whilst rehearsing for the January shows. After the fall, I thought I had sprained my wrist but it turns out that it is broken.”
He continued: “Unfortunately, the medics have told me that I cannot compete. I am absolutely devastated; I have loved every second of the journey so far with my wonderful dance partner Alex Murphy and the support from the public has been overwhelming.
“I have been fortunate enough to work with such a great bunch of people over the previous few months; trainers, celebrities, pro skaters, the judges, Holly and Phil and the incredible production team at ITV who really are exceptional and help to make it the fantastic show that it is.
“I shall be in the studio for the first show on Sunday 5 January and hope to make other appearances throughout. I would like to wish the whole of Dancing On Ice 2020 the best of luck.”
Radzi also said: “I am thrilled and privileged to be part of the Dancing On Ice 2020 cast. I am absolutely gutted for Michael, who is one of my all-time favourite TV presenters, and I wish him a speedy recovery.
“I’ve only got two weeks to get ready to ice skate in front of the nation so I’m looking forward to a Christmas and New Year filled with training on the ice!”
Michael will still be seen in the upcoming Dancing On Ice Christmas special, which was recorded last week and airs on ITV this Sunday at 7pm.
The festive episode will also see this year’s celebrity skaters take to the ice for the first time, as well as revealing their professional pairings.
Dancing On Ice returns to ITV on Sunday 5 January.
Dancing On Ice 2019 Line Up
Michael Barrymore(01 of11)
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Known for: TV personality and entertainer
He says: "I'm delighted to say that I'll be joining the Dancing on Ice line up for 2020. I'm looking forward to meeting Holly and Phil. I'm very excited...it's performance time!" (credit:Empics Entertainment)
Maura Higgins(02 of11)
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Known for: Love Island contestant
She says: "I've skated once in my life for fun, so I've no experience at all. I'm up for the challenge. I'm more excited than scared. I'm competitive so I think that will drive me." (credit:EMPICS Entertainment)
Kevin Kilbane(03 of11)
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Known for: Football pundit and former player
He says: "I am going on as a total novice. I'm starting from scratch here. This is going to be a massive challenge for me. I've been taking it easy for the last few years since I finished (football) so let's just see how this one goes." (credit:PA Wire/PA Images)
Lucrezia Millarini(04 of11)
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Known for: ITV newsreader
She says: "I'm super excited to be joining the line up for DOI! I can't wait to get out there on the ice and start training. While the news agenda is already pretty busy these days, I know life is about to get a lot busier...with a few bruises along the way!" (credit:EMPICS Entertainment)
Ian 'H' Watkins(05 of11)
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Known for: Steps singer
He says: "What am I doing? I have frantically been You Tubing James Jordan and Ray Quinn. I have kids now so it's a skill I can learn and take my kids to the ice. It's scary and exciting and now there's no turning back. I know I'm going to be put through my paces and that's the name of the game." (credit:PA Archive/PA Images)
Lisa George(06 of11)
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Known for: Coronation Street star
She says: "I haven't been on the ice for about 40 years. Yesterday was my first session on the ice. It was good, I really enjoyed it, I did't fall. I was a bit scared, I was quite nervous. I can't believe I'm 50 next year and I just thought 'if I don't do this now I'm never going to have the chance to do it again'." (credit:Doug Peters/EMPICS Entertainment)
Perri Kiely(07 of11)
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Known for: Member of dance troupe Diversity, which DOI judge Ashley Banjo leads
He says: “I’ve done a couple of training sessions. Not gonna lie, it’s hard. It’s game face.” (credit:Tim P. Whitby via Getty Images)
Libby Clegg(08 of11)
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Known for: Paralympic sprinter
She says: "After Rio I achieved my ultimate goal and then I thought 'what else can I do?' This opportunity came about and I couldn't pass it up. I love challenging myself and experiencing new things." (credit:Tabatha Fireman via Getty Images)
Joe Swash(09 of11)
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Known for: Former EastEnders star and TV personality
He says: "I can't even dance on a dance floor so Dancing on Ice is just a silly idea! I've done no exercise since the baby was born. Stacey [Solomon, his girlfriend] thinks it's funny. I'm going to learn how to skate and I'll do it with a smile on my face." (credit:David M. Benett via Getty Images)
Ben Hanlin(10 of11)
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Known for: TV magician
He says: "Can I ice skate? Barely. But I did say to the producers 'if I'm going to do this, can I try to do magic on ice?' I will try and attempt to put magic into the show if I can. We start tomorrow! On the ice for the very first time." (credit:SOPA Images via Getty Images)
Trisha Goddard(11 of11)
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Known for: Former talk show host
She says: "I love physical stuff. Every day I bike ride, I weight train, I love any physical thing. I learnt to ski at 37, I learnt to roller blade at 42. I'm 62 in December. I thought 'why not?' (credit:Dave Kotinsky via Getty Images)