The Porto winger had been part of Paulo Bento's 30-man squad for the World Cup but is one of seven players cut from the final team.
The Porto star had impressed following his return to the Dragao this season and had made the former Sporting coach's original 30-man selection.
However, he will not be on the plane to Brazil, along with Antunes, Rolando, Andre Gomes, Joao Mario and Ivan Cavaleiro.
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Portugal faces Germany in its opening game on June 15 and will warm up for the tournament with fixtures against Mexico in Massachusetts and Ireland in New Jersey.
Goalkeepers: Beto (Sevilla), Eduardo (Braga), Rui Patricio (Sporting Lisbon)
Defenders: Andre Almeida (Benfica), Bruno Alves (Fenerbahce), Fabio Coentrao (Real Madrid), Neto (Zenit St Petersburg), Pepe (Real Madrid), Ricardo Costa (Valencia)
Midfielders: Joao Mario (Vitoria), Joao Moutinho (Monaco), Miguel Veloso (Dynamo Kiev), Raul Meireles (Fenerbahce), Ruben Amorim (Benfica), William Carvalho (Sporting Lisbon)
Attackers: Cristiano Ronaldo (Real Madrid), Eder (Braga), Helder Postiga (Lazio), Hugo Almeida (Besiktas), Nani (Manchester United), Rafa (Braga), Quaresma (Porto), Varela (Porto), Vieirinha (Wolfsburg).