Woods, the world's No. 1 ranked player, had been a regular at the event for the past five seasons, winning three times.
Despite Woods not being in attendance, organizers have announced a record purse of $3.82 million for the event which will be played May 20th - 23rd at Golf Club St. Leon in Germany.
Last year's champion, Irishman Padraig Harrington, will return to defend the title he won on the first hole of a sudden-death playoff over Denmark's Thomas Bjorn.
A pair of South Africans, Ernie Els and Nick Price, will also be on hand for one of Europe's marquee tournaments. Els, who had to sit out last year due to a wrist injury, is looking forward to the challenge.
I promised the fans last year that I would start in St. Leon-Rot. It is my aim to capture the title,' said the No. 3 ranked Els.
This year's European Ryder Cup captain Bernhard Langer, who won the title back in 1995, is also in the field.