The Italian champions were set to face Arsenal on July 25, with the winner of that tie taking on Everton or Millonarios three days later.
On Tuesday, Arsenal announced they were withdrawing from the pre-season tournament after some members of their contingent tested positive for coronavirus.
The U.S state of Florida has seen a spike in the Delta variant of coronavirus in recent days.
A club statement on their official website on Wednesday said: "FC Internazionale Milano announce that they will not be travelling to the USA for the Florida Cup due to the current risks involved in international travel as a result of the spread of the pandemic, risks that have already caused Arsenal F.C. to withdraw from participation."
Arsenal’s statement a day earlier announcing their withdrawal read: "Following a small number of positive Covid tests among the planned party to travel to America tomorrow, we have sadly been forced to withdraw from the Florida Cup."
"This difficult decision is based on ensuring the health and wellbeing of our players and staff.
"We fully understand what a disappointment this is for our supporters in America who were looking forward to seeing us compete in the Florida Cup as part of our pre-season build up.
Inter Milan will start the defence of their Serie A title at home to Genoa on August 21.
