The 30-year-old Briton played at Wimbledon in July but was hampered by the ailment as he lost in the quarter-finals to the American Sam Querrey.
"Unfortunately, I won't be able to compete in the upcoming events in Beijing and Shanghai and most likely, the final two events to finish the season in Vienna and Paris due to my hip injury which has been bothering me the last few months," the three-time Grand Slam champion said on his Facebook page.
"Having consulted with a number of leading hip specialists over the last week, along with my own team, we have decided that this is the best decision for my long-term future," the world number two said.
"Although this has been a frustrating year on court for many reasons, I'm confident after this extended period of rest and rehabilitation that I will be able to reach my best level again and be competing for Grand Slam titles next season.
"I will be beginning my 2018 season in Brisbane in preparation for the Australian Open."
Murray, who has won Wimbledon twice as well as the US Open, said he was looking forward to playing in Glasgow later in the year in a charity exhibition match against Roger Federer.
"I have a fantastic team working alongside me to help me through this process and appreciate the support from them and all of my fans over this difficult period," Murray wrote.
Murray is one of a plethora of male players missing from the final Grand Slam of the season at the US Open in New York. Wawrinka, who beat Novak Djokovic, in last year's final is absent along with Djokovic who won in the title in 2011 and 2015. The 2014 finalist Kei Nishikori is also absent likewise Milos Raonic.