The left-arm paceman will not bowl again in the historic day-night Test against New Zealand in Adelaide after suffering stress fractures to the third metatarsal bone in his right foot, a team spokesperson said.
Starc limped off Adelaide Oval on Friday's opening day of play after taking three New Zealand wickets.
He was sent for scans which revealed an injury which usually requires at least six weeks to heal.
"It's obviously very disappointing, he was bowling so well and has been bowling well for a very long time," teammate Peter Siddle told reporters.
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Starc had claimed three for 24 from nine overs before favouring his right foot.
He is facing a battle to feature in the next three-Test series against the West Indies, which starts on December 10 in Hobart.
Should Starc be sidelined James Pattinson is his likely replacement after the Victorian was made 12th man for the Adelaide Test.
Starc's absence comes after fast bowling spearhead Mitchell Johnson retired following the second Perth Test against the Kiwis.
"It's very disappointing for him (Starc)," Siddle said.
"He has been on fire and I think he showed that again today, even with a bit of pain, he could get the job done and get those few breakthroughs for us in the middle order.
"It's a nice little rest for him. It's not a bad thing for him at this time of the year. I think he will be back firing in no time at all."
Starc will bat, if required, in the Adelaide Test.