The AC Milan star sustained a minor ankle problem in training yesterday and will not be risked in Bologna and is instead targeting a place in the side for next week's World Cup qualifier against the Czech Republic.
Italy team chief medical officer Enrico Castellacci told www.figc.it: "As expected tests did not show any major problems so we hope for a speedy recovery.
"We will decide together on when to reintegrate him back in the squad because we have some very important objectives. The goal is a full recovery for the match in Prague."
El Shaarawy's club team-mate Mario Balotelli could feature on Friday after Castellacci reported a small muscle strain in the back was "nothing to worry about".