The Belarusian has been hampered by injury problems throughout 2014 and as a result has seen her ranking fall from second in January to 25th.
Earlier in the year the 25-year-old withdrew from four tournaments, including the French Open, in as many months with a foot problem and that has continued to blight her progress.
She made the quarter-finals of the US Open despite withdrawing from the Western and Southern Open in Cincinnati with a knee injury.
Azarenka, who has only played 24 matches on tour this season, was expected to continue her latest comeback in China at the WTA Premier event, but further problems with her foot have halted those plans.
"Unfortunately I will not be competing in any tournaments for the remainder of the season," she wrote on her official Facebook page. "It has been a very tough year for me.
"I have been trying my best to improve day in and day out by pushing and pushing…but that does not appear to be the best approach for me right now.
"I will use this time to work on making a full recovery and take care of my body to compete at my best next season.
"I always believe that everything happens for a reason and everything doesn't happen the way you'd want it to but it is up to you to make the best out of everything that does…and that is exactly what I am going to do."