The Super League young player of the year was injured in his side’s 26-4 victory over Hull on Saturday in the Super League Grand Final.
Graham’s misfortune could mean a call up for Warrington’s Paul Wood.
The Saints player marked his Great Britain debut with two tries in the 46-14 win over New Zealand in June.
Graham is the second withdrawal from coach Brian Noble’s final selection after second-rower Paul Johnson was replaced by Salford’s Andy Coley after failing to recover from an ankle injury.
Great Britain play their first match in the tournament against defending champions New Zealand in Christchurch on October 28.