The American toppled favourite Yevgeny Plushenko to win the men's title at the Vancouver Games last week and has opted to end his season in Canada but said he was not quitting the sport.
"I'm not afraid to lose," Lysacek, 24, said in a statement.
"Regardless of medals, I still have so much to thrive on in the sport. I'm not ready to say goodbye."
Women's Olympic champion Kim Yuna of South Korea will travel to Italy to defend her world title.