Instead Flood, recovering from knee ligament damage suffered against Sale on New Year's Day, was in action for the Leicester, coming off the bench in the 24-13 win over Newcastle.
Flood featured for 27 minutes as the Tigers booked an LV= Cup semi-final spot and then spent two days training with England at their RBS 6 Nations base at Pennyhill Park.
However upon assessment Lancaster has chosen to release Flood back to Leicester where, according to Richard Cockerill, he could start their Premiership match with Exeter.
Flood will therefore miss England's second RBS 6 Nations clash with Italy at the Stadio Olimpico on Saturday but would be more than expected to play a part in the Wales clash two weeks later if all goes well.
And in another boost for Leicester director of rugby Cockerill more so than England, Manu Tuilagi is also likely to feature against the Chiefs as he slowly comes back from a hamstring injury.
"We have been hearing positive noises from the England camp that Toby will be back to play for us," said Cockerill before Flood's release back to Leicester. "And Manu Tuilagi will be in the 23 this weekend. He is fit and raring to go."