The former world number one is struggling with a back injury.
Tiger Woods has been ruled out of competing in the Masters, after failing to recover from a back injury.
The 14-time major winner, who also missed the 2014 and 2016 Augusta tournament, has not played since withdrawing from the Dubai Desert Classic in February due to back spasms.
Woods did make a return to action in December, but missed the cut at the Farmers Insurance Open in January.
"Unfortunately, I won't be competing in this year's Masters. I did about everything I could to play, but my back rehabilitation didn't allow me the time to get tournament ready. I'm especially upset because it's a special anniversary for me that's filled with a lot of great memories. I can't believe it's been 20 years since I won my first green jacket.
For all the current golf fans that don't remember Tiger's greatness. Dustin Johnson at age 32-15 wins, Tiger Woods at age 32-67 wins...— Bobby Leonard (@ItsJustBobby) March 28, 2017
"I have no timetable for my return, but I will continue my diligent effort to recover, and want to get back out there as soon as possible.
"I'd like to pass along my regrets to Billy Payne, the Augusta National membership, staff, volunteers and patrons, that I won't be there. I will be at the Champions Dinner and I look forward to seeing a lot of old friends.
"Augusta National has been a very important place to me and my family for over 20 years, and while I'm disappointed, it will be good to be back there Tuesday."
The 41-year-old won the last of his 14 majors in 2008.