Woods has played each of the first three years the event has been affiliated with the WGC. He teamed with Mark OMeara to win in 1999, and did the same in 2000 with David Duval.
Woods and Duval lost in a playoff to South Africans Retief Goosen and Ernie Els last year.
In previous years, a nations top player handpicked his partner. But this year, the rules were changed to require each nation to send its top two available players from the Official World Golf Ranking.
Woods, ranked No. 1 in the world, was to play with Phil Mickelson, ranked No. 2. Instead he will skip the event and allow David Toms to take his place.
Toms, currently sixth in the world, and Mickelson played as partners four times in the Ryder Cup, going 2-1-1.
Woods has a tight schedule leading up to the World Cup, which will take place Dec.12-15 in Puerto Vallarta, Mexico.
The Target World Challenge, Tigers own event, ends just two days before the World Cup begins. Woods also has The Skins Game, in which he'll play against Mickelson, O'Meara and Fred Couples, the weekend before that, and is eligible to play in the PGA Grand Slam of Golf for majors winners almost immediately before The Skins Game.