Woods, who turns 47 next month and has not competed since missing the cut at the British Open in July, said he developed the injury to his right heel while preparing for the annual charity tournament in the Bahamas.
"After consulting with my doctors and trainers, I have decided to withdraw this week and focus on my hosting duties," Woods said in a social media post.
The 15-time major winner suffered significant injuries to his right leg and foot during a February 2021 car crash near Los Angeles but returned to tee it up at this year's Masters, PGA Championship and the British Open.
He said he still planned to compete at a made-for-TV 12-hole exhibition event dubbed "The Match" in Florida on Dec. 10, where he will partner with Rory McIlroy (33) to take on Jordan Spieth (29) and Justin Thomas (29).
The former world number one said he also plans to partner with his son Charlie for the 36-hole PNC Championship in Orlando on December 17-18 in a field comprised of 20 major champions and a relative.
For Woods and 13-year-old Charlie, this will mark their third time playing in the event having finished seventh in 2020 before returning last year when they came runners-up to twice major champion John Daly (56) and his son.
