American looks to exorcise demons from Augusta at Sawgrass.
Woods has suffered from back injuries and loss of form over the past two years.
Woods has undergone back surgery three times in the last 19 months.
The world number 12 becomes third former major champion to pull out of summer event.
Grace won by two shots at RBC Heritage in South Carolina on 17 April.
The challenge required a team of four to complete the 500-yard par five hole.
The 28-year-old Englishman took advantage of a shocking back-nine meltdown by Jordan Spieth.
The 28-year-old Englishman stunned the world to claim the coveted green jacket at Augusta.
The Englishman finishes five-under to shock the defending champion at Augusta.
Spieth leads by one entering Sunday's fianl round.
World number two sees lead cut to one shot on blustery second day at Augusta.
The American's love affair with Augusta continued in flawless style as he fired a six-under-par 66.
Spieth finished the opening round six under par, two shots ahead of Danny Lee and Shane Lowry.
IBTimes UK runs through all you need to know ahead of the 80th Masters Tournament in Augusta, Georgia.
Day will begin his sixth Masters as the bookies' choice to win.
Reigning champion Jordan Spieth is joined by Paul Casey and Bryson DeChambeau for Thursday's start.
Day did just enough to clinch his fifth victory in his past 12 starts on the PGA Tour.
Schwartzel beat Bill Haas in playoff at Valspar Championship.
Scott also won the Honda Classic on 28 February.
11-year-old Taylor Crozier became the first person to hit a hole-in-one at Bluejack National in Montgomery, Texas.
An update regarding the condition of the 14-time major champion will be released 'at the appropriate time'.
The 26-year-old star has come under fire from fellow pro Brandel Chamblee.
Spieth sang the praises of Riviera Country Club, one of his favourite courses.
Spieth's partner in the event will be American country music star who is also a very handy golfer.
McIlroy is looking for his third straight win in Dubai at the Desert Classic.
Fowler's vicory in Abu Dhabi also featured four-times major winner Rory McIlroy.
Rickie Fowler fought off late charge from Rory McIlroy and Thomas Pieters to win Abu Dhabi Championship.
McIlroy was keen to play down budding rivalry with Jordan Spieth.
The 22-year-old Texan thinks it is unfair to compare him to the American icon.
World number two described the dizziness as mild compared to what happened at Chambers Bay.