The quadrennial event is slated to get underway on October 5 in India.
The southpaw was forced to retire hurt after hurting his hand during the fourth ODI against South Africa at Centurion on Friday (September 15).
Following the game, Australia head coach Andrew McDonald confirmed that Travis Head had picked up a fracture.
"It's a confirmed fracture," McDonald said. "As to the nature of what sort of time frame that lends itself to, that will be assessed tomorrow.
"I think he's going to go in for more scans tomorrow to get a detail of that, then we'll work out the management of it from there. I'm not a medical person but I think it's a bit higher up than the finger itself...it's in a joint (in the hand) somewhere. Fingers crossed with the World Cup fast approaching."
Head has been named in Australia's preliminary 15-member squad for the upcoming ODI World Cup. The swashbuckling left-hander could be facing a race against time to be fit for his side's opening World Cup match against host India in Chennai on October 8.
With the 50-over World Cup around the corner, New Zealand have been dealt a significant blow as well. Veteran pacer Tim Southee suffered a thumb fracture during the fourth ODI against England at Lord’s on September 15.
During the 14th over of England’s innings, Southee dived across with both hands while attempting to take Joe Root’s catch but the ball hit his thumb and deflected to third man.
“An x-ray has confirmed that Tim Southee dislocated and fractured a bone in his right thumb while attempting to take a catch in the 14th over of the 1st innings. A timeline for his recovery will be established tomorrow when he undergoes further assessment,” New Zealand issued an update on Southee.
As per the ICC regulations, the participating teams have until September 28 to submit their 15-member squads for the World Cup and changes can only be made after that date with permission from event organisers.
(With ICC Inputs)