Zidane was due to lead a team featuring a number of his teammates from the French side that won the 1998 World Cup, including Marcel Desailly and Robert Pires, against a selection of retired Australian players.
The 35-year-old pulled out of the visit citing personal reasons, a spokeswoman for the event said.
"It would be like going to see LA Galaxy without Beckham," she said, adding that she expected most people would request a refund if the superstar was not involved.