According to the BCCI, the 25-year-old is suffering from "lower back stiffness".
Confirming the news, the Board of Control for Cricket in India (BCCI) said that the medical team has suggested rest to Pandya and, therefore, he would remain at the National Cricket Academy to undergo strength and conditioning work on his lower back next week.
The Men in Blue, who became the first Indian team ever to clinch bilateral Test series and ODI series win in Australia in January, will aim to replicate a similar kind of performance when they host the Aaron Finch-led side from February 24 in Visakhapatnam. "Mr. Ravindra Jadeja has been named replacement for Hardik Pandya for the 5 ODIs", further added the statement.
After missing the T20I series in Australia, Pandya was recalled in the Test squad after the second Test was completed but wasn't part of the playing XI.
But Pandya returned from suspension to play in the New Zealand limited-overs series which concluded earlier this month.
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Pandya had suffered a lower-back injury during the Asia Cup match against Pakistan previous year and had to be stretchered off the field. In his absence, Vijay Shankar will remain the sole bowling all-rounder in India's 14-member T20I squad.
Jadeja, meanwhile, will be hoping to make the most of this call-up - provided he's selected in the eleven - to present his case for World Cup selection.
The home series against Australia will be India's last assignment before the 2019 World Cup. The two teams will compete in two T20Is and five ODIs.
The ODI series will begin on March 2 in Hyderabad.
Not to forget that, on 23 March, the 12th edition of the Indian Premier League will commence.