"It is unfortunate but these things happen and one has to act responsibly," Sky Sports News quotes his new promoter Kalle Sauerland as saying.
"This is a minor set back and has no effect on our plans for Pricey. He will be back in the ring at the beginning of the New Year."
Price added: "Obviously I am disappointed. I was looking forward to my first fight back but I wouldn't be doing myself or my fans justice by taking the fight when I am anything less than 100%."
The Liverpool fighter recently relinquished his British and Commonwealth world titles in order to build for a world title shot.