The four-time All-Star, sources say, will use the time to get his affairs in order following the blockbuster trade to San Antonio that also sent forward Kawhi Leonard to Toronto.
It would have been DeRozan's first visit to Africa.
The NBA will hold its Africa exhibition game in the South African capital of Pretoria on Aug. 4. Team World and Team Africa will play at Sun Arena in Time Square Casino.
Raptors' president Masai Ujiri is a ambassador of Basketball Without Borders.