The England and Wales Cricket Board (ECB) said Pietersen experienced knee pain while fielding in preparation for the four-day game in Queenstown ahead of the Test series, which has failed to resolve satisfactorily.
"Recent scans confirm an injury to the right knee with bone bruising and possible cartilage damage to the kneecap. The 32-year-old will return to the UK for further investigations and specialist review," ECB said on its website.
"The injury is likely to require ongoing assessments and a six-eight week period of rest and rehabilitation. Pietersen has therefore been withdrawn from all cricket including the Indian Premier League," it added.
Daredevils will take on defending champions Kolkata Knight Riders in their opening encounter of the sixth edition of the IPL on April 3 at Eden Gardens.
In 2011, Pietersen had missed the entire season for Deccan Chargers and was sold to Delhi Daredevils in the 2012 season without having played a single game for the Chargers.
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