The 24-year-old announced his decision on Monday, 2 November, after failing to recover sufficiently from the injury that forced him to retire during his second-round match against compatriot Matteo Berrettini at the Vienna Open last week.
Cobolli had travelled to Paris hoping to regain fitness for the final ATP Masters 1000 tournament of the season. However, after attempting to train following his media commitments, he continued to experience discomfort and decided against risking further injury.
"I really hoped I could make it. Today, after media day, I tried to train in the gym, but I still feel some discomfort and I don't want to take any risks. That's why I decided not to play here in Paris," Cobolli said.
He added that he would now concentrate on recovering, describing Paris as a city that had given him some of the most important weeks of his career.
Cobolli's ATP Finals qualification hopes
The withdrawal is a setback in Cobolli's bid to qualify for the Nitto ATP Finals, scheduled to take place in Turin, Italy, from 15 to 22 November.
The Italian entered the Paris Masters sixth in the ATP Race to Turin with 3,690 points, placing him among the leading contenders for the remaining places at the season-ending championship.
Alexander Zverev, Carlos Alcaraz, Ben Shelton and Daniil Medvedev have secured qualification, while Jannik Sinner's withdrawal from the remainder of the season has further affected the qualification calculations.
Cobolli remains in a strong position, but several players can still challenge his place during the Paris tournament.
Arthur Fils, Frances Tiafoe, Rafael Jodar and Alex de Minaur are among those chasing qualification, while Novak Djokovic, Taylor Fritz and Tommy Paul also remain mathematically in contention.
According to the qualification scenarios outlined by SuperTennis, Cobolli could still qualify without playing in Paris, provided enough of his rivals fail to make the required progress.
Thiago Tirante replaces the Italian
Cobolli's withdrawal has allowed Argentine lucky loser Thiago Agustin Tirante to enter the main draw.
Tirante is scheduled to face either Jan-Lennard Struff or French wildcard Arthur Gea in the second round.
For Cobolli, attention now turns to recovering in time for the ATP Finals, should he secure qualification. The Italian will also be hoping to return to full fitness ahead of the Davis Cup Final 8 in Bologna, where he has been named in Italy's squad.
His absence from Paris leaves his season-ending ambitions dependent on both his recovery and the results of his rivals.