Third-ranked Phil Mickelson, the U.S. Masters champion, has not played in the winners-only tournament since 2001 and said earlier this year he would not be at Kapalua from January 4-7.

U.S. golfer Tiger Woods poses with the trophy after winning the Target World Challenge golf tournament in Thousand Oaks, California December 17, 2006. [Reuters]

World number one Woods will miss the event for the second year in a row, and for the third time in his career.

"I considered playing next week...but I just haven't been able to prepare," Woods said in a statement on Friday.

"I usually spend at least one week working on my game before a tournament and have been unable to do that this year."

Champion at Kapalua in 2000, Woods has spent the last 12 days in Colorado on a skiing holiday with family and friends.

The 12-times major winner, who has triumphed in his last six PGA Tour appearances, will return to action for his title defence at the Buick Invitational at Torrey Pines from January 25-28.

GOOD SUCCESS

"I've had good success there, winning four times and I am the two-time defending champion," Woods added.

"More importantly it will give me much needed extra time with my family."

Woods's absence from the Kapalua Resort next week will take much of the gloss off the PGA Tour's much-trumpeted 'new era'.

The Mercedes Championship launches the inaugural FedExCup, a season-long points competition that will culminate in a four-event playoff series and offers the overall champion $10 million.

"Hopefully everyone will understand," Woods said. "This was a tough decision because Gary Planos and his staff at Kapalua Resort always do such a great job with the event."

The Mercedes Championship, being held at Kapalua for the eighth season in a row, brings together all the winners from the previous PGA Tour season.

Australia's Stuart Appleby, who edged out Vijay Singh in a playoff for this year's title, will be bidding for a fourth consecutive victory at the Plantation Course.