"I have a small fracture in the ring finger of my right hand", Morgan explained.
Morgan's county Middlesex confirmed he suffered the injury when he was fielding during the Royal London One-Day Cup match against Somerset on Sunday.
He said: "It's a great honour to be leading the ICC World XI side, that too for such a good cause".
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It is learnt that Morgan fractured his fingers during Middlesex's game against Somerset at Taunton.
The 26-year-oldwicketkeeper-batsman has played 13 one-dayers and 17 Twenty20 Internationals, and 142 T20s overall.
Morgan was sidelined due to a fractured finger and will be replaced by fellow countryman Sam Billlings in the World XI squad.
"It's not a huge concern, it's one that hopefully we can manage past about a week when the swelling goes down".
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All proceeds from the Lord's match will be used to redevelop the stadia in the Caribbean, which were damaged due to hurricanes a year ago.
It is understood that the finger should take between seven and 10 days to heal and if that happens, Morgan should be in the mix for the whole Australia series of five ODIs and one Twenty20 worldwide.
The charity match will help raise funds for five cricket grounds in the Caribbean that were damaged by hurricanes Irma and Maria - James Ronald Webster Park in Anguilla, Dominica's Windsor Park Stadium, Sir Viv Richards Stadium in Antigua, A.O. Shirley Recreation Ground in the British Virgin Islands and Carib Lumber Ball Park in St Maarten.
ICC World XI team will consist of two players from Pakistan and New Zealand.
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