Fabio Cannavaro will be out for a "few months" after tearing ankle ligaments in Italy's first training session in Austria before Euro 2008.
The defender, who would have been captain for the world champions in the tournament that starts on Saturday, told a news conference he would be staying with the squad. He expected to have an operation on Wednesday following the injury sustained on Monday.
"This was my last European Championship. We are footballers and these things happen," the 34-year-old Cannavaro said on Tuesday.
"After two years working on this campaign it seems right for me to stay with my team mates."
Cannavaro of Real Madrid said he expected to be out for a "few months". Italy coach Roberto Donadoni told Reuters no decision had been made on the captaincy. Cannavaro's place in the 23-strong squad has been filled by Alessandro Gamberini.
The Italians face France, Netherlands and Romania in a tough Group C.