Halep, 24, added: "I can't risk not being able to have one of my own."
Their decisions to not compete in Rio de Jaineiro next month adds to the growing list of athletes who have chosen to stay at home rather than run the risk of contracting the Zika virus by attending the Games.
In just the golf competition alone, over 20 male competitors have withdrawn themselves from selection over Zika virus concerns.
Halep and Raonic are not the first tennis players to have pulled out from competing next month, but are the first to do so because of Zika virus concerns, and are also currently the highest ranked players to decide to stay at home.
American John Isner is not competing in Brazil to focus on preperation for tour events, while Australian Nick Kyrgios will not be there due to a dispute with the Australian Olympic Committee (AOC).