Razzaq, who has 1,523 runs and 77 wickets in 37 Tests, ruptured tissues in his elbow and has been advised to take three weeks' rest.
"We have not included him in the 16 because he will take time to regain fitness," Pakistan's chief selector Wasim Bari told AFP.
Razzaq earlier told AFP that the injury was "painful" but he had been hopeful of recovering in time to make the squad.
Pakistan meet England in the first of three Tests starting in the central city of Multan from November 12.
The first of Razzaq's three Test centuries was against England at Faisalabad in 2000. The others two were against Bangladesh.
Pakistan's three-member selection committee is likely to finalise the squad late Friday and submit it to the Pakistan Cricket Board (PCB), who may announce the final line-up at the weekend.