Meyer, who won a gold and a bronze in the non-Olympics points and madison races at the world championships that finished on Sunday, said balancing his road ambitions with Australia's Olympic programme had become too demanding.
The 24-year-old won a team pursuit world title in 2010, and was one of a number of endurance riders under consideration for Olympic selection, but was not picked in the quartet that won silver at the Melbourne world championships.
"It was a very hard decision to make but ultimately my passion for the team pursuit isn't 100 per cent," said Meyer, who rides for Australia's first professional road team GreenEdge.
"Physically and mentally it's quite hard to switch and the last couple of years I've had my focus on the points race and the madison.
"I haven't been part of the team (team pursuit) for 18 months and I don't know if I am up to competing at the level they are now, riding world record times."
Australia's team pursuit is likely to be anchored by the 2011 world championship combination of Glenn O'Shea, Jack Bobridge, Rohan Dennis and Michael Hepburn, who were runners-up to Britain in Melbourne.
Endurance riders Alexander Edmondson and Mitchell Mulhern are also in Australia's shadow squad for the Games.