Coach Mike Babcock confirmed the decision Tuesday.
Canada, which earned a bye into the quarterfinals by winning Group B during preliminary-round play, will face the winner of the qualifying-round game between Switzerland and Latvia.
Price played two of Canada's three games during the preliminary round, beating Norway 3-1 and Finland 2-1 in overtime. He allowed two goals on 35 shots. Roberto Luongo of the Vancouver Canucks played in the other game, a 6-0 victory against Austria.