Wayne suffered the injury against Cincinnati last weekend. He did not practice Thursday, instead watching from the sideline with a compression sleeve on his left arm.
Wayne, who was unavailable for comment, was initially listed as day-to-day before being ruled out Friday by Pagano, who simply stated that the veteran receiver wasn't ready.
He has caught 38 passes for 434 yards and one touchdown this season.
Running back Trent Richardson's status for Sunday appears doubtful despite being ruled questionable. He has been nursing a hamstring injury he suffered last Sunday and has not practiced all week.
Mike Wells of ESPN.com and The Associated Press contributed to this report.