The Brentford striker earned his first international call-up following a fine start to the Premier League season but will have to wait for his Three Lions debut.
Toney, Marc Guehi, Ben Chilwell and Jordan Henderson have not been included in the 23-man matchday squad to face Italy in Milan.
The news is a blow for Toney, who is hoping to stake a claim for a spot in Gareth Southgate’s squad for the World Cup after scoring five goals in seven games so far this term.
It means the 26-year-old will have just one match - against Germany at Wembley on Monday - to impress Southgate before the tournament starts in November.
Southgate has opted to include Tammy Abraham in his squad to face Italy as the former Chelsea striker bids to strengthen his claim to be Plan B to Harry Kane in Qatar. Jarrod Bowen and Bukayo Saka are listed by UEFA as the other forwards in the squad.
Henderson has only just returned following a hamstring injury and was a late call-up to the squad after Kalvin Phillips withdrew. John Stones is suspended against Italy, while Crystal Palace defender Guehi also misses out.