The experienced goalkeeper will miss this summer's tournament due to injury, as he will have to go under the knife in order to shake off a shoulder problem
The 37-year-old recently picked up a shoulder problem during Dynamo Kiev's 1-0 league win over Volyn Lutsk in April, and will have to undergo surgery to shake off the injury.
"I will have surgery and then a period of rehabilitation instead of preparing for the Euro 2012 finals," said Shovkovskiy on the official Kiev website.
"The most important thing now is to have successful surgery. In that case I will need about three months to recover."
Shovkovskiy's injury is yet another blow for Ukraine, who will probably also be without goalkeeper Andriy Dykan due to a head injury.
Ukraine start Euro 2012 with a match against Sweden on June 11. They will also have to deal with France and England in Group D.