Anderson has not recovered from a right shoulder injury sustained in the third Test against Sri Lanka last month -- a three-match series England won 2-0.
The Lancashire paceman's place in the squad has been taken by uncapped seamer Toby Roland-Jones.
He will now pushing for a Test debut on his Lord's home ground alongside Nottinghamshire quick Jake Ball, in the squad for the Sri Lanka series but also yet to make his maiden Test appearance.
With struggling number three Nick Compton having taken time out of cricket, the selectors have recalled Yorkshire's Gary Ballance for the first of a four-Test series starting on July 14.
But they opted against including one-day wicket-keeper Jos Buttler in the Test squad and playing all-rounder Ben Stokes, not fit for bowling following a knee injury, as a specialist batsman.
Ballance, 26 last played Test cricket against Australia at Lord's last year.
England national selector James Whitaker said: "Building on the success of the Test series win against Sri Lanka last month, we have maintained our objective of retaining a balanced squad.
"With an injury to James Anderson, there is an opportunity for Toby Roland-Jones who has been a consistent performer in the County Championship over the last few years and deserves his chance."
Former England batsman Whitaker added: "Gary Ballance is recalled to the Test squad for the first time since the winter series in South Africa and could play his first Test for England in 12 months.
"Gary is mentally strong and we feel that he will add quality and experience to England's middle-order.
"Pakistan will give us a stiff challenge during this series and we can expect some fantastic cricket from both sides over the next couple of months."
This will be England's first home series against Pakistan since the infamous 2010 campaign.
That year's Lord's Test saw Pakistan seamers Mohammad Amir and Mohammad Asif, together with captain Salman Butt, given five-year bans and jail terms for deliberately bowling no-balls as part of a newspaper sting operation.
Amir took an impressive three for 36, swinging the ball steeply at sharp pace, in Pakistan's drawn tour-opener against Somerset earlier this week.
Pakistan have one more three-day game, against Sussex at Hove starting on Friday, before the first Test.
England squad:
Alastair Cook (Essex, capt), Moeen Ali (Worcestershire), Jonny Bairstow (Yorkshire, wkt), Gary Ballance (Yorkshire), Jake Ball (Nottinghamshire), Stuart Broad (Nottinghamshire), Steven Finn (Middlesex), Alex Hales (Nottinghamshire), Joe Root (Yorkshire), Toby Roland-Jones (Middlesex), James Vince (Hampshire), Chris Woakes (Warwickshire).
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