The AOC media release said Baynes was expected to be back to full fitness in a matter of weeks. There is still severals weeks until NBA teams return to training ahead of the new season.
His loss will hurt against other contending sides such as Spain who have NBA star Marc Gasol as their starting big man.
Jock Landale,Nick Kay and Duop Reath will all have to step into bigger roles to cover for Baynes.
“I am really disappointed that I can’t continue in the Olympics,” Baynes said.
“I along with the rest of the team have been working so hard in our quest for a historic Olympic medal and I am gutted that I can’t complete the journey with the boys,but I have every confidence that they will get the job done”.
Boomers captain Patty Mills said his side would find a way to keep on course.
“It’s a tough loss for us,” Mills said.