"Due to the uncertainties surrounding COVID-19 and after much consideration, I've decided for deeply personal family health reasons not to participate in the return to play," Green said in a statement.
"This has been a hard decision knowing I'm going to miss the opportunity to compete in the playoffs with a Stanley Cup contender. I wish the best of luck to the guys and I appreciate the Edmonton Oilers' support," he continued.
Green joins Calgary Flames defenseman Travis Hamonic and Vancouver Canucks forward Sven Baertschi on the list of players who've chosen not to play. Any player wishing to opt out can do so without facing any punishment so long as they inform their respective teams by Monday at 5 p.m. ET.
The Oilers acquired Green from the Detroit Red Wings before February's trade deadline. Due to his decision, Edmonton will give the Red Wings its 2020 fourth-round selection, according to The Athletic's Jonathan Willis. The pick could've been upgraded to a 2021 third-rounder based on Green's playoff performance.
Green, 34, is an impending unrestricted free agent. He notched 11 points in 50 games in 2019-20 but only appeared in two contests with the Oilers before suffering a knee injury.
The Oilers will battle the 12th-seeded Chicago Blackhawks in their play-in series.