Haig had started the Tour well, finishing fourth in the opening stage and 10th in the second before a crash in the final kilometres of Stage 3 brought his time to a halt.
The Bahrain Victorious rider suffered a fractured collarbone from the fall and while he had been hopeful of an Olympic berth on July 24, he has since confirmed that will no longer be possible.
“Unfortunately my facture was much worse than first expected,” Haig said in an Instagram post.
“The surgery was long and more invasive than normal, making the recovery period longer.
“I should hopefully be outside on the bike by the end of this week. Unfortunately this means I will be missing out on the Olympics.”
Haig was set to compete in the 234-kilometre men’s road race, forming part of Australia’s team alongside two-time time trial world champion Rohan Dennis and Lucas Hamilton.
Luke Durbridge of Team BikeExchange has been touted as a potential replacement, with AusCycling’s performance director Simon Jones confirming discussions with the selection panel had already taken place.
The Tour de France continues with Stage 16 on Tuesday, LIVE from 8:30pm (AEST) on SBS and SBS On Demand, with the SKODA Tour Tracker app commencing at 8:55pm (AEST).