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.
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