The Preakness will be run May 19 in Baltimore, the Belmont June 9 in New York.
Donegal's Jerry Crawford said it was decided the horse's future "is best served by" by having him skip the Preakness.
The chestnut 3-year-old, ridden by Kent Desormeaux, finished behind the winner, I'll Have Another," and Bodemeister in the Derby.
Dullahan won the Blue Grass Stakes at Keeneland April 14.
Swim Week Miami Beach 2014 [PHOTOS]