Faldo's wife, Valerie, gave birth to the couple's fourth child on Monday, and he has decided that being at home take precedence over maintaining the streak.
"This is an incredibly special time in my life becoming a dad again at 46, and I promised Valerie that I would be around to support her and our new daughter," Faldo told the London Telegraph.
The streak began at the 1987 British Open. Only Jack Nicklaus has a longer streak.
The paper reported Faldo, who has won both the Masters and the British Open three times in his career, was one of several players on the European Tour given a special invitation to the PGA Championship. Others include Ian Woosnam, Paul Ginley, and Lee Westwood.
The event takes place Aug. 14-17 at the Oak Hill Country Club in Rochester, N.Y.