He will however return for the ODI series against Australia later in the month.
This is a wise decision taken by Rohit as his body needs vital rest.
Dhawan likely to replace Rohit against Lanka
With Rohit to take rest against Lanka, Shikhar Dhawan is the likely candidate to replace him in the squad.
The southpaw missed the limited-overs series against West Indies held this month.
Dhawan had suffered a knee injury during the Syed Mushtaq Ali Trophy.
He will open the batting alongside an in-form KL Rahul.
The latter has done well in Dhawan's absence against West Indies.
Rohit has informed BCCI about his decision, claims source
"The selectors normally doesn't give rest to anyone in the T20 team. But Rohit has been on the road for quite a while now. He has informed the board that he wants to take rest for the series," a source said to TOI.
Rohit dominated the 50-over format in 2019
Rohit was superb in the recently-concluded ODI series against WI.
He scored 256 runs in three matches and was adjudged the player of the series.
The senior batsman finished 2019 as the leading run-scorer in ODIs (1,490).
He slammed seven hundreds and six fifties to lead the show at an average of 57.30.
He will hope to give his body some much-needed rest.