"He's got a severe strain in the area between the calf and the Achilles' tendon in his left leg," federation doctor Angel Ruiz-Cotorro told the RFET Web site (www.rfet.es).
"He needs to rest for five or six days and take anti-inflammatories before a new evaluation so he has been ruled out of the trip to Peru."
Davis Cup captain Emilio Sanchez Vicario called up world number 37 Feliciano Lopez to take Ferrer's place for the first-round tie which will be played on clay at the Jockey Club in Lima from Feb. 8-10.
Tommy Robredo, Fernando Verdasco and Nicolas Almagro make up the rest of the team.
World number two Rafael Nadal and Juan Carlos Ferrero both opted out of the tie in order to concentrate on the hard court season.