The Arnold Palmer Invitational starts Thursday at Bay Hill Golf Course in Bay Hill, Fla. The tournament wraps up Sunday.
"Unfortunately due to a neck strain that I've had for a few weeks, I'm forced to withdraw from the API," Woods tweeted Monday. "I've been receiving treatment, but it hasn't improved enough to play. My lower back is fine, and I have no long-term concerns, and I hope to be ready for The Players."
"I'd like to send my regrets to the Palmer family and the Orlando fans," Woods said. "Its connection to Arnold makes it one of my favorite tournaments and I'm disappointed to miss it."
Woods has a record eight wins at Bay Hill. The 43 year old has played the tournament 19 times. The 14-time major winner finished tied for 10th at the 2019 World Golf Championships-Mexico Championship on Feb. 24 in Mexico City.
The Players Championship is from March 14 to 17 at TPC Sawgrass in Ponte Vedra Beach, Fla. Woods tied for 11th at The Players in 2018. Woods is a two-time winner of the tournament, with his last title coming in 2013.