The 26-year-old Durham player first felt the injury in last week's second Test victory over Bangladesh.
"Steve has been ruled out of Saturday's match after having a cortisone injection into the back of his left ankle," an England spokesman said.
"But he also had some scans earlier this week and they were all clear."
England play Australia in a Twenty20 match on Monday before beginning their one-day triangular series against Bangladesh and Australia next Thursday.
