"Agarkar has been ruled out of the match because of a groin injury, which he picked up during the final. The team will be led by Abhishek Nayar, but there won't be any replacement for Ajit," said Mumbai Cricket Association's joint secretary Nitin Dalal.
The Irani Cup will commence at the Wankhede Stadium on February 6.
Agarkar bowled an inspired spell, along with junior pace partner Dhawal Kulkarni, in the second innings of Saurashtra in the Ranji Trophy final at the Wankhede Stadium on January 28 to power Mumbai to their 40th crown. Rest of India will be led by Virender Sehwag.