© Ian West/PA Archive/Press Association Images
Stewart was due to join Ronnie Wood, Ian McLagan and Kenney Jones at Cleveland's Public Hall later this evening to be honoured by Steven Van Zandt.
The singer has offered a public apology to his bandmates and to the Rock and Roll Hall of Fame because a bout of flu will prevent him from attending.
Stewart said: "I'm absolutely devastated. Shattered that I'm going to miss my second induction into the Rock and Roll Hall of Fame - and this time alongside my mates," reports Rolling Stone.
The remaining members of The Faces still plan to perform at the ceremony, with Simply Red's Mick Hucknall standing in for Stewart.
Stewart missed his solo induction into the Hall of Fame in 1994 to stay with his family in California in the wake of the Northridge earthquake.
The Faces/The Small Faces will be inducted alongside Guns N' Roses, The Beastie Boys, the Red Hot Chili Peppers and Laura Nyro.
Highlights of the 2012 Rock and Roll Hall of Fame induction gala air on May 5 on HBO.
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Watch The Faces perform 'Stay With Me' below:
