The 36-year-old TV presenter had been training to take part in the upcoming second series of the ITV contest, but will no longer take part due to injury.
Former Rugby League player Martin Offiah will now take his place.
Wilding said: "I was genuinely loving the opportunity to learn an Olympic event that I had admired since I was a little kid, so I'm bitterly disappointed to get injured in this way.
"I am very much looking forward to watching the series when it starts!"
Earlier this week, Wilding told his Twitter fans that he was due to have surgery on an injury sustained to his leg.
Just seen an amazing surgeon who thinks he can operate on my leg in the next few days.— Rav Wilding (@RavWilding) December 16, 2013
Tom Daley's Splash! will kick off on Saturday, January 4 at 7.20pm.
Rumoured celebs for series two include Digital Spy's Anna Williamson, TV presenter Paul Ross, soap star Gemma Merna, Saturdays singer Una Foden and TOWIE's Gemma Collins.
Splash! series 2 - The rumoured celebrity divers: