Tiger Woods may miss Masters due to long standing back injury
The world number one announced in a statement on his website that he would be unfit to play at the PGA Tour event at Bay Hill Club and Lodge in Orlando, which begins on Thursday.
He will hope to recover for the Masters, beginning at Augusta on April 10, but Woods could offer no reassurance he will play at the first major of the year.
The four-time Masters champion announced he was pulling out of the Palmer event by saying: "I personally called Arnold today to tell him that, sadly, I won't be able to play in his tournament this year.
"I would like to express my regrets to the Orlando fans, the volunteers, the tournament staff and the sponsors for having to miss the event. Unfortunately, my back spasms and the pain haven't subsided.
"It's too early to know about the Masters, and I will continue to be evaluated and work closely with my doctors. I feel badly that I won't be able to play in this great tournament this week."