Maria Sharapova is busy this season, and although she won't be competing in the Olympics or U.S. Open due to an shoulder injury, she will be unveiling a few luxury gadgets at New York's South Street Seaport on August 20. Media Post says the tennis star will take the wraps off five diamond-studded Cannon PowerShot Elph cameras at an invitation-only event taking place at the Canon Center Court.

Maria will unveil her limited edition Canon PowerShot Diamond Collection at New York's South Street Seaport on Wednesday, August 20th.  The five PowerShot SD1100 IS Digital ELPH cameras, designed in conjunction with Amosu, are encrusted with 88 white diamonds totaling 2.22 carats, valued at approximately $10,000 and will be awarded to five lucky consumers via a nationwide sweepstakes.

Maria Sharapova dropped another notch in the women's world tennis rankings, coming in at No. 4 Monday about 12 weeks after she inherited the No. 1 spot.

Sharapova became the top-ranked women's player in the world after Justine Henin's sudden retirement May 14. But Ana Ivanovic's play in the French Open and Sharapova's own showing in the Grand Slam event knocked Sharapova to No. 2. She subsequently fell to No. 3 and on Monday was installed at fourth.

Maria Sharapova will sit out the U.S. Open because of a bad right shoulder, the first major championship she'll miss since her Grand Slam debut in 2003.

The three-time Grand Slam title winner already had announced she's pulling out of the Beijing Olympics because of the injury. Sharapova said in a posting on her Web site Friday she probably won't need surgery and could be ready to play in two to three months.

"It hurts me so much to miss the Olympics and the U.S. Open, you have no idea," she said. "Just to type those words hurt!!"

After Maria pulled out of Montreal we were already affraid of it, but now it is official. Maria will not be playing the olympic games, which start late next week. On her official website she wrote a couple of words to explain what is exactly her injury. Here is what she had to say.

MARIA SHARAPOVA
After yesterdays match I knew there was something s...