Laxman's knee injury was aggravated during a net session on Friday and captain Sourav Ganguly asked for an immediate replacement because the middle-order batsman can take no further part in the tournament.
"We'll wait till Tuesday's Sri Lanka match is over," said BCCI secretary Karunakaran Nair from Trivandrum.
In Laxman's absence, India lost to Pakistan by 59 runs on Sunday. If they lose again to Sri Lanka, Pakistan could reach the final by beating Bangladesh on Thursday. The hosts have already advanced.
Laxman first injured his left knee when he was hit by a ball in practice in Dambulla before India's match against Sri Lanka on July 18.
The final is scheduled for Sunday.
