Saturday's announcement came after Christie suffered a slight hamstring tear when he was beaten by Jon Drummond at the London Grand Prix meet on Friday night.
His withdrawal means the Games will miss Christie's much anticipated clash with new 100 meter world record holder Leroy Burrell and his predecessor Carl Lewis on July 25.
The British track team captain is due to fly to Munich Tuesday to visit his specialist and ascertain whether the injury threatens his bid for a third successive European title in Helsinki, Finland, in three weeks time.
At Friday's meet, Drummond beat Christie in the 100 meters on as five British all comers records tumbled. Drummond, from the United States, broke the mark for the 100 meter with 10.03, as Christie finished in 10.07.
Drummond stole Christie's trademark finish and powered home, with Christie grimacing in pain in the last strides. Adeniken followed in third with Cason finishing fourth.
The British 1,500 meter and 5,000 meter all comers records were broken by the great African distance runners Noureddine Morceli and William Sigei.
Ireland's Sonia O'Sullivan broke the European and all comers record for the 3,000 meter with a time of 8:21.64. Second- placed Scot Yvonne Murray broke the Commonwealth record in 8:29.60.
And while Cuba's Olympic champion high jumper Javier Sotomayor failed in his attempt at a world record of 2.46 meters, his best leap of 2.41 meters broke the British mark.
World and Olympic 1,500 meter champion Morceli affirmed he is still out to break four world records this year after running 3 minutes 30.72 seconds, the third fastest 1,500 meter time in the world this season.
He was only .09 of a second off the year's fastest time and in only his third appearance of the year, looked capable of going faster.
Sigei, two times world cross country champion, continues the Kenyan tradition of distance running, and beat the Ethiopian world record holder Guerbre Silassie, who finished fourth.
Sigei led a Kenyan clean sweep of placings, winning in 13:06.72, ahead of Paul Bitok and Simon Chemoiymo.
Britain's Sally Gunnell ran the fastest 400 meter hurdles in the world this year with a time of 54.04.
In the 110 meter hurdles, Briton Tony Jarrett beat Olympic champion Mark McCoy while world champion Colin Jackson lay on the physio table, having withdrawn with a groin strain.
Earlier in the night, two time 400 meter hurdles Olympic silver medalist Darren Harris was banned from the meet after it was revealed he had not completed a four-year drug ban.
The International Amateur Athletic Federation told the meet's organizers that the American who won silver at the 1984 and 1988 Olympics had not finished the ban imposed on him after testing positive to cocaine in 1992.
Harris, 29 had already run at four grand prix meets this season.
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