The Derby is thought to be one of the Queen's favourite occasions but according to the newspaper, the chances of her appearing there this year are "increasingly unlikely."
WATCH: The Queen celebrates her Platinum Jubilee
It was also reported that Princess Royal will be stepping in for the Monarch so she can pace herself throughout the weekend of celebrations.
The 96-year-old is a passionate equestrian and the Derby would have been a personal highlight for her from the Jubilee weekend.
The Queen was all smiles when she watched her horses at "A Gallop Through History"
The head of state was due to be greeted on the course with a special guard of honour including up to 40 of her past and present jockeys.
Buckingham Palace has not yet commented on the decision and said that the Queen's final itinerary for the weekend will not be confirmed until closer to the weekend.
Despite the news, Her Majesty is thought to delight royal fans with two iconic appearances on the balcony of Buckingham Palace, following the Trooping the Colour at the start of the celebrations on Thursday and after the final pageant parade on Sunday.
The Queen has been suffering with episodic mobility problems
The monarch also hopes to attend the service of thanksgiving at St Paul’s Cathedral on Friday, where she will reunite with her wider family including, the Duke and Duchess of Sussex and the Duke of York.
On Friday the Queen took to her Scottish abode Balmoral for a well-deserved break before the start of the celebrations next week.
She often visits at this time of year and spends an extended amount of time at Balmoral over the summer period, usually travelling there in mid-July and staying until September or October.
The Queen watching her horses win at the Royal Windsor Horse Show this year
In the past few weeks, the monarch has carried out a string of engagements, both at home at Windsor Castle and also travelling to London despite her mobility issues.
She attended the first day of the Chelsea Flower Show on Monday and last week also opened the new Elizabeth Line at Paddington station.
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