The 37-year-old was set to feature for Harry Redknapp’s All-Stars and renew his rivalry with United’s Carrick.
But after picking up a hamstring injury on Friday, while playing for a BT Sport team in a five-a-side game in Cardiff, Gerrard will now be forced to watch the fixture from the sidelines.
The ex-England captain admitted he has been left “absolutely gutted” by the injury, which he sustained during the act of scoring.
"I managed to score a couple of goals, one of the lucky ones I hit I managed unfortunately to do my hamstring as I hit that one.
"I'm going to be out for two to three weeks unfortunately.
"I'm gutted, I love playing with Michael. He's a fantastic guy and an ex-team-mate of mine, but unfortunately I'm not going to be able to play in his testimonial at the weekend.
"I'm absolutely gutted.
"It wasn't fair, Hashtag United have been preparing and training for this for a year, whereas we just rolled up and played. That's my excuse why we lost 12-9."
Despite pulling out of the testimonial, Redknapp will still be spoilt for choice when it comes to picking his midfield.
The former Portsmouth boss has the likes of Clarence Seedorf, Marcos Senna, Gaizka Mendieta and Frank Lampard to choose from.
The match takes place at Old Trafford on Sunday 4 June with kick-off at 14.30.
Redknapp's squad also includes Shay Given, former United defender Phil Neville, Michel Salgado, Jamie Carragher, John Terry, Eric Abidal, Joan Capdevila, Damien Duff, Richard Garcia, ex-United striker Michael Owen, Robbie Keane and Eidur Gudjohnsen.
Manchester United's Michael Carrick testimonial squad
Edwin van der Sar, Gary Neville, Wes Brown ,Rio Ferdinand, Nemanja Vidic, Mikael Silvestre, Patrice Evra, Michael Carrick, Paul Scholes, Ryan Giggs, Ji-sung Park, Owen Hargreaves, Anderson (not playing), Darren Fletcher, Wayne Rooney, Louis Saha, Dimitar Berbatov.Reuse content