The World No.1 will miss the first PGA Tour tournament of the season the Mercedes Championship in Hawaii to give him more time to rehabilitate.
Tournament director Gary Planos was informed of the decision to pull out of the January 9 event by Woods' agent Mark Steinberg at the weekend.
"All we want now is for Tiger to get well," said Planos.
Woods underwent successful surgery on his left knee on Thursday to remove fluid from around the anterior cruciate ligament.
Woods (26) said he had been playing in pain most of the year and felt 'it was time to take care of it.'
This year's Mercedes title was won by Sergio Garcia at the first hole of a playoff with David Toms after firing 64 in the final round.