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The world's No. 7-ranked player suffered a sprained MCL in his left knee and a strained Achilles tendon while hitting a shot from underneath the famed Eisenhower Tree on Augusta National Golf Club's 17th hole during Round 3 of the Masters three weeks ago.
The announcement means Woods will miss a second consecutive scheduled appearance, following an early decommitment from the Wells Fargo Championship.
Last year, Woods was forced to withdraw from The Players on the seventh hole of the final round, citing a neck injury that caused tingling in the fingers on his right hand. Since his lone victory at the PGA Tour's flagship event in 2001, he has registered just one top-10 in nine subsequent appearances.
This is hardly the first time Woods has been sidelined due to problems related to his left knee. Following arthroscopic surgery to repair cartilage damage in 2008, he returned to win the U.S. Open, only to miss the remainder of the season with further surgery afterward. He also underwent surgery to drain fluid around the ACL in 2002 and had a benign tumor removed in 1994.
Woods hosted his annual Tiger Jam charity concert this past weekend in Las Vegas, where he was seen still wearing a walking boot on his left leg.
His next scheduled start is expected to take place at the Memorial Tournament from June 2-5, an event he has won four times since 1999. That would be followed by the U.S. Open two weeks later at Congressional Country Club.
In five PGA Tour appearances this season, Woods owns just two top-10 results, with a best finish of T-4 at the Masters, where he closed three strokes behind winner Charl Schwartzel.
He hasn't won a stateside event in 18 starts – dating back to the 2009 BMW Championship – the longest drought of his professional career. His last international victory came later that year, when he prevailed at the JBWere Australian Masters.