Hazlewood was sent for scans on Tuesday after sending down just one over at the Gabba, after hurting his right calf in the warm up before play.
Scans have since confirmed a strain, leaving Australia with just two frontline quicks for the rest of the Brisbane Test.
"He is likely to miss the remainder of the Test series. A squad replacement will be made in due course," Cricket Australia confirmed in a statement.
Hazlewood had left the ground in some discomfort after warming up on Tuesday morning and did not take to the field with the rest of the team.
But he reappeared after just two overs before being handed the ball in the first hour of play.
His first ball was a genuine long-hop that was dispatched to the point boundary by KL Rahul, while bowling the rest of the over well below his top speed.
The injury is the latest in a frustrating run for Hazlewood.
He already had to prove his fitness to play in Brisbane after missing Australia's 10-wicket win in Adelaide with a side strain.
Hazlewood has played the most of Australia's Tests over the past 18 months, but before that featured in just three between the end of January 2021 and start of June 2023.
At age 33, it's questionable how much more Test cricket Hazlewood will play before the start of next summer's Ashes.
Australia have a two-Test tour of Sri Lanka in late January and early February, but it's expected they will play at least one extra spinner in those matches.
When Australia last toured the country in 2022, it was Hazlewood who missed out as Pat Cummins and Mitchell Starc played ahead of him.
But Hazlewood is likely to be in Australia's first-choice XI for the World Test Championship final in England in June if the side qualify.
But there is every chance they will play an extra spinner for the three Tests in the West Indies after that, again bringing Hazlewood's spot in the team into question.
An Australian team spokesperson said Hazlewood was suffering from "calf awareness" with the fast bowler set to undergo medical scans to determine the extent of the injury.— cricket.com.au (@cricketcomau) #AUSvIND https://t.co/ooW7SaikHmDecember 17, 2024
More immediately, Hazlewood's injury could have serious ramifications for the rest of the series.
Scott Boland looms as the most likely replacement if Hazlewood is to miss out after already filling in for him in Adelaide.
But any strain on the workload of Cummins, Starc or Mitch Marsh for the rest of the Brisbane Test could cause future issues for the quicks.
Beau Webster has been part of Australia's squad for the past two Tests as cover for Marsh, while Sean Abbott and Brendan Doggett have also acted as back up.
A week-long gap is scheduled between the Brisbane and Melbourne Tests, with only three days separating the end of the MCG clash and the start of the Sydney match.
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