The 'One and Only' singer suffered a severe ankle sprain and a fractured fibula while practising basic steps with dance partner Jodeyne Higgins.
The competition's physio informed Hawkes that he would no longer be able to take part in the competition.
Chico, who shot to fame during the 2005 series of The X Factor, wished Hawkes a quick recovery.
Chico said: "Whilst I'm really excited about being part of the new series of Dancing on Ice it's not necessarily in the best of circumstances. I wish Chesney all the best and a speedy recovery. I will not just be skating for myself I will be skating for Chesney as well and do him proud."
Hawkes added: "I am gutted not to be taking part in Dancing on Ice. I was having a brilliant time and couldn't wait to finally be skating live on national TV!
"It wasn't even a spectacular fall, it was a slight stumble as I practised with my skating partner. I think my children are the most disappointed; they were so excited at the prospect of watching me skate."
He vowed: "I'm determined to be back on the ice, I might not be able to appear in this series but hoping I will be able to appear in the show next year!"
Dancing on Ice starts on Sunday (January 8) at 6.30pm on ITV1.
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Watch the video for Chico's 2006 single 'It's Chico Time' below:
Scroll through a gallery of this year's Dancing on Ice contestants below: