Hameed failed miserably in the tri-series One-day tournament last month and failed to play a big innings in the two-match Test series against Sri Lanka, which ended on Monday tied 1-1.
Pakistan won the second Test after being set 137 to win in the second innings, although Hameed contributed just three and 15 in his two efforts at the crease.
"Hameed has been out of form so he has been left out and Umer has been recalled in the 15-man squad," said chief selector Wasim Bari on Monday.
On a brighter note for Pakistan, new ball pair Shoaib Akhtar and Mohammad Sami will return to the national team after missing the second Test due to injuries.
"Coach Bob Woolmer has told us that Shoaib Akhtar and Mohammad Sami are fit so they are included," Bari said.
Batsman Aamir Basheer is the only uncapped player named in the squad, with his elevation a reward for four centuries in the current domestic season.
There was no place for veteran wicketkeeper Moin Khan, who was dropped from Pakistan's second Test line up against Sri Lanka.
Squad: Inzamam-ul-Haq (captain), Yousuf Youhana, Imran Farhat, Taufeeq Umer, Shoaib Malik, Abdul Razzaq, Kamran Akmal, Shahid Afridi, Mohammad Sami, Shoaib Akhtar, Rana Naveedul Hassan, Younis Khan, Salman Butt, Riaz Afridi, Aamir Basheer.
Pakistan will play the one-off One-day match against archrivals India in Kolkata on November 13. The game is part of celebrations marking the 75th anniversary of the Board of Control for Cricket in India.