Guay, who underwent two left knee surgeries last year, has not raced this season and is continuing his rehabilitation.
"Currently my focus and energies are to return to World Cup competition, fully prepared to challenge for the podium in the 2015/16 season," Guay said Thursday in an Alpine Canada statement. "Despite best efforts on and off snow this season, my knee is giving me signals that it's not quite ready for an intense return to World Cup level of competition this current season.
"For that reason my focus shifts to a longer-term, complete recovery, ensuring I can remain competitive on the world alpine stage for years to come."
The 33-year-old skier from Mont-Tremblant, Que., had surgery to replace cartilage and bone last June after undergoing arthroscopic surgery on the same knee in March.
Guay, a three-time Olympian, won the men's world downhill championship in 2011 after claiming the World Cup overall title in super-G in 2010. Last season, he passed Steve Podborski for the most career World Cup medals won by a Canadian and now sits at 22.