Patricio suffered a worrying head injury during the 1-0 defeat to Liverpool on Monday night, but has responded positively since.
However the 33-year-old was deemed unfit to travel by Wolves' medical department.
A statement from the Portuguese national team read:
"Rui Patrício was declared unfit by the FPF Health and Performance Unit.
"The player has not recovered satisfactorily from the trauma suffered at the service of Wolverhampton FC and will continue his recovery process in England."
Patricio will continue to be closely monitored at Compton Park.
Olympiacos keeper Jose Sa replaces his compatriot in the squad.
Wolves have a long break in schedule until their home clash with West Ham United on April 5.