The world No 5 has not played since retiring in the third set of his Australian Open quarter-final match against Novak Djokovic last month.
Musetti was leading 6-4, 6-3, 1-3 against the 24-time Grand Slam champion when he pulled the plug due to a right leg injury.
The Italian revealed afterwards that he had first felt the injury early in the second set and was sure he had sustained a tear.
"I continued to play because I was playing really, really, really well, but I was feeling that the pain was increasing, and the problem was not getting away," Musetti told the media in his press conference.
"I feel personally that I know my body and I feel personally that I'm kind of secure that this is a tear, unfortunately."
After the Australian Open, Musetti was due to travel to South America for the Golden Swing clay-court events in Buenos Aires and Rio this month.
However, he pulled out of both tournaments four days after his retirement in Melbourne.
"After the results of my medical examinations and tests, my team and I have made the difficult decision to withdraw from the upcoming tournaments in Buenos Aires and Rio de Janeiro," Musetti said in a statement.
Musetti has now announced that he will also miss the Mexican Open, which was his next scheduled event.
In a post on his Instagram account, Musetti wrote: "Hi all, just wanted to share an update on my recovery.
"I've just had my medical evaluation and unfortunately, need to continue my rehabilitation before I can get back on court and compete.
"Sadly, this means I won't be able to play in Acapulco. Thanks to everyone for the continued support â- can't wait to be back!"
The ATP 500 tournament in Acapulco will take place from 23 to 28 February.
Musetti's Acapulco withdrawal means that he could make his return to action at the Indian Wells Masters, which will begin on 4 March.