The 'Superbass' singer was scheduled to play the event's 4 Music stage later today (August 18) and tomorrow (August 19).
"Miss Minaj's band and crew have all arrived in the UK ahead of the performance at the festival this weekend, however as the artist herself boarded her flight from New York on Friday 17th August, she felt unwell again," read a statement from the organisers.
"This is despite having thought she had overcome her vocal cord issues from earlier in the week. Having revisited her doctor she has now been advised to rest for a week, which unfortunately means that she is no longer able to perform at V Festival."
They went on to wish the singer a ''speedy recovery'' and announced that LMFAO would move up the billing and perform a set in the slot instead.
Minaj had hinted earlier in the week that she was struggling with vocal problems. After performing two gigs in New York with labelmate Drake joining her on stage, she tweeted: "It's official, my voice is GONE!"
Tinie Tempah, Example and Ed Sheeran are among the other acts lined up to perform at V Festival this weekend.
Minaj plans to return to the UK in October as part of her 'Pink Friday: Roman Reloaded' tour. Last month, former X Factor star Misha B revealed that she would be supporting the rapper and described the opportunity as "mind blowing".
Watch the video for Nicki Minaj's latest single 'Pound The Alarm' below: