Goodes has also been ruled out for the rest of the 2013 season.
In a major blow for the defending premiers, Goodes is no chance to resume during this finals series.
Coach John Longmire told the club website that the star forward and midfielder was unable to complete Thursday training.
"Adam trained as hard as he had for quite a while on Tuesday and pulled up okay (on Wednesday), but he was a little bit sore in the warm-up today and, therefore, we decided not to push him," Longmire said on Thursday evening.
"It is not a case of him having reinjured his knee - he's still fine - but the intensity of Tuesday's session meant that it was hard for him to back it up again today, so that's his season done.
"It is obviously disappointing, but the reality is that Adam hasn't played for a significant amount of time and we have a great deal of confidence in the group of players who are available."
Goodes has been out of action since suffering a knee injury in round 13.
The Swans made two changes, with Ben Glynn (calf) ruled out and Gary Rohan dropped.
Shane Biggs and Harry Cunningham will play their first AFL finals.
The Blues made no changes, but ruckman Matthew Kreuzer is yet to confirm he has recovered from the calf muscle injury he suffered in last Sunday's elimination final win over Richmond.
Brock McLean, who was a late withdrawal with a quad injury, was named as an emergency.
As expected, Geelong recalled key forward Tom Hawkins for Friday night's semi-final against Port Adelaide at the MCG.
But Hawkins remains a day-to-day proposition with his back injury.
They also recalled Josh Hunt and Taylor Hunt.
Apart from losing Corey Enright (knee) and Josh Caddy (ankle), the Cats dropped Josh Walker.
Port Adelaide are unchanged.
GEELONG (to play Port Adelaide)
Backs: Rivers Lonergan J Hunt
Half-backs: Guthrie Mackie Bartel
Centres: Johnson Selwood Christensen
Half-forwards: Duncan Taylor Motlop
Forwards: Podsiadly Hawkins Varcoe
Followers: Vardy Kelly
Interchange: Blicavs Chapman Corey T Hunt
Emergencies: Murdoch Stringer West
In: J Hunt Hawkins T Hunt
Out: Enright (knee) Caddy (ankle) Walker
PORT ADELAIDE (to play Geelong )
Backs: O'Shea Carlile Logan
Half-backs: Broadbent Trengove Jonas
Centres: Brad Ebert Boak Cornes
Half-forwards: Gray Westhoff Cassisi
Forwards: Wingard Schulz Monfries
Followers: Lobbe Hartlett
Interchange: Moore Pittard Young Colquhoun
Emergencies: Neade Hombsch P Stewart
SYDNEY (to play Carlton )
Backs: Rampe T Richards Malceski
Half-backs: Everitt Grundy Smith
Centres: Mitchell K Jack McVeigh
Half-forwards: Hannebery Tippett Bird
Forwards: Bolton Pyke White
Followers: Mumford Kennedy
Interchange: Biggs Cunningham Jetta Parker
Emergencies: B Jack Lamb Towers
In: Cunningham Biggs
Out: McGlynn (calf) Rohan
CARLTON (to play Sydney )
Backs: Scotland Jamison Henderson
Half-backs: Tuohy Waite Gibbs
Centres: Yarran Robinson Simpson
Half-forwards: Curnow Walker McInnes
Forwards: Garlett Kreuzer Judd
Followers: Warnock Betts
Interchange: Armfield Bell Duigan Menzel
Emergencies: Casboult Ellard McLean