Rossi broke his leg while riding on an off-road bike at the end of August.
It ruled him out of the San Marino Grand Prix at Misano last weekend and will see him miss the 14th round of the season at Aragon later this month too.
Dutch superbike rider Michael van der Mark will step up and replace Rossi for the race.
Yahama say Rossi is expected back when MotoGP heads to the Far East in October.
After the September 24 Aragon Grand Prix, MotoGP breaks for three weeks - giving Rossi time to get back on the bike.
“It is expected that he will not be able to compete again before the Grand Prix of Japan held from October 13-15”
Yahama statement on MotoGP star Valentino Rossi
The team wrote in a statament: "Rossi is making good progress with his rehabilitation process.
“However, it is expected that he will not be able to compete again before the Grand Prix of Japan at the Twin Ring Motegi, held from October 13-15.
Yamaha managing director Lin Jarvis said the team was obliged to enter two bikes for the Aragon race and had decided to seek a replacement within the company's own pool of contracted riders.
"It is never easy to step in to replace another rider and even more difficult to replace Valentino Rossi, but we believe that Michael has all the credentials and experience to do a good job," he said.
Honda's Spanish rider Marc Marquez, the reigning champion, and Italy's Andrea Dovizioso, for Ducati, are tied at the top of the championship after Sunday's race at Misano with five rounds remaining.
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