Leander is down with a wrist injury while Bhupathi has suffered a groin injury. They have been replaced by Karan Rastogi and Yuki Bhambri in the squad.
Rastogi and Vishnu Vardhan were earlier named as reserve players in the squad, announced by the All India Tennis Association in Jan. The first round tie will be held in the Serbian city of Novi Sad from Friday.
India's singles hope Somdev Devvarman, doubles specialist Rohan Bopanna and Rastogi have already reached Serbia while Yuki left for Novi Sad today.
India secured its place in the elite group for the second straight year after scoring a sensational come-from-behind 3-2 win over Brazil in the play-offs in Chennai.
Serbia had defeated France 3-2 in the final at Belgrade Arena to be crowned champions for the first time.