Wells Fargo tournament director Garry Sobba broke the news of Woods' absence from the field during a radio appearance on WFNZ Charlotte.
The Wells Fargo Championship runs May 2-5. Woods had until 5 p.m. EDT on Friday to commit to the tournament. He tied for 55th at the 2018 Wells Fargo Championship, making his first appearance at the tournament in seven years.
Woods' absence from the field at Quail Hollow means he'll come right off of his Masters win to join the field at the 2019 PGA Championship on May 16 at Bethpage State Park in Farmingdale, N.Y.
Woods is now ranked No. 6 in the Official World Golf Rankings, after ranking No. 544 at the start of last season.