The Lionesses say the 23-year-old has been forced to pull out due to "a small injury".
A statement added: "The Manchester United forward missed her club’s FA Women’s Continental Tyres League Cup tie this weekend and will remain at her club to continue her rehabilitation.
"No replacement has been called-up."
Russo appeared as a substitute in all six of England’s matches on their way to European Championship glory this summer, scoring four goals in their historic win.
She wrote on Instagram: "Gutted to be missing out on camp but will be working hard to be back soon.
"Supporting the girls all the way."
Sarina Wiegman’s side take on the USA at a sold-out Wembley on Friday, before facing the Czech Republic in Brighton next Tuesday, returning to two of the stadiums that featured heavily through their Euros win.