This is an adjustment from 2018 when Woods did play in the event, eventually going on to finish in a respectable 12th position.
Woods has never won the Honda Classic in four pro starts and, while the event is a short drive from his Jupiter home, his decision to compete this week made a return to that event doubtful as it would have marked three consecutive weeks of tournament play.
Woods, who lives in nearby Jupiter, finished 12th past year at the Honda Classic, which was won by Justin Thomas after a playoff with Luke List.
"Unfortunately, due to the schedule this year, I can not play all the events I want to", Woods said on Twitter. Then the week after that is where I had an unbelievable week previous year.
"Sorry to miss seeing Jack (Nicklaus) and everyone at Honda".
"We understand the challenges of the new schedule and know Tiger will play well this year in Orlando and Jacksonville", Honda Classic executive director Ken Kennerly said in a news release.
With his eyes firmly on the first major of the year, the Masters at Augusta National in April, the 43-year-old Woods said he needed to find the right balance of competitive rounds and rest.
He finished 12th a year ago, but that was when it followed the West Coast swing and Woods was not eligible for the Mexico Championship. The Honda Classic, which is February 28-March 3, is the next event on the PGA schedule.
'From here on out it's very complicated, ' he added.
The tournament remains one of the few events which he has yet to win, his best result being a runner-up finish to Rory McIlroy in 2012, and he will have to wait another year to end that drought as he is understandably keen to avoid playing five weeks in a row.
Woods will play the Palmer tournament for the 19th time.
Woods, who will be making his third start of the season after a T20 at the Farmers Insurance Open and T15 at the Genesis Open, said that while he is still trying to sort out his playing schedule he feels much better than he did during last year's comeback season from spinal fusion surgery.