Boxing will not be included in the initial programme for the 2028 Olympics in Los Angeles, although it could be added at a later date.
The International Olympic Committee session in Beijing chose 28 sports with a "strong focus on youth".
It includes skateboarding, sport climbing and surfing but LA will be able to approve additional sports in 2023.
The AIBA, boxing's international federation for amateurs, will have a chance to be added to the event as long as it can address issues such as refereeing and judging decisions.
In September, an independent investigation concluded that fights at the Rio 2016 Olympic Games had been manipulated.
Weightlifting and modern pentathlon were the other two sports to be removed from the shortlist.
Team GB enjoy most successful Olympics
Last summer, Team GB had their best performance at an Olympics in its history after six fighters made the podium.
Karriss Artingstall was the first Team GB athlete to win a medal, landing a bronze medal in the women's featherweight division.
At welterweight, Pat McCormack earned a silver medal following defeat in the final to Cuba's Roniel Iglesias while Ben Whitakker also earned silver at light heavyweight.
Frazer Clarke - who will fight on the undercard of Amir Khan's bout against Kell Brook - won a bronze medal at super heavyweight.
Yafai has followed in the footsteps of older brothers Kal and Gamal by joining Eddie Hearn's Matchroom Boxing.
Price - Wales first Olympic champion from boxing - will also join the professional ranks.