Marca report on their website that Iraola is "practically ruled out of a place in Vicente Del Bosque's final Spain squad" after Athletic's medical staff "advised against Iraola taking part in the European Championship."
Right-back Iraola played all of Athletic's 3-0 Copa del Rey final defeat to Barcelona on Friday night.
Spain coach Del Bosque is due to announce his final 23-man squad for the European Championship on Sunday.
His club have yet to make any announcement but, if Iraola is ruled out, then the door would be left open for Atletico Madrid's Juanfran - who enjoyed an excellent season at club level after being converted from winger to full-back - to come into the squad.
Injured Andoni Iraola set to miss Euro 2012: Report
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