Tiger Woods says he won’t play in next week’s Arnold Palmer Invitational as he continues to work on his game in the hope of being ready for the Masters.

The 14-time major champion, chasing Jack Nicklaus’ record of 18 major titles, has plummeted to 79th in the world rankings after a series of injuries and severe form slump.

On February 11, he announced he was taking a break from tournament golf to try to get his faltering game in shape and, on Friday, he said he’s not there yet.

“I spoke to Arnold today and told him that I will not play in his tournament this year,” Woods wrote on his website.

“I’m sorry I won’t be in Orlando next week, but I know it will be a really successful event,” added Woods, an eight-time winner of Palmer’s tournament.

“I’ve put in a lot of time and work on my game and I’m making strides but, like I’ve said, I won’t return to the PGA Tour until my game is tournament-ready and I can compete at the highest level.”

Woods, who last won the Palmer event in 2013, has not played since withdrawing from the Farmers Insurance Open in early February with stiffness in his back that he said came on during a lengthy fog delay.

At the time, Woods said the problem had nothing to do with the back surgery he had early last year to ease a pinched nerve, after which he missed the Masters and US Open.

He returned in June 2014, missing the cut in the US PGA Tour’s National at Congressional and finishing equal 69th at the British Open – his worst 72-hole major finish.

In six PGA Tour events since returning to competition at the National, Woods has missed three cuts – including the 2014 PGA Championship – and withdrawn twice.

Before pulling out of the Farmers at Torrey Pines, he missed the Phoenix Open cut, after a career-worst 82 in the second round.

Woods said he was still hopeful he could take part in The Masters from April 9.

“I hope to be ready for the Masters, and I will continue to work hard preparing for Augusta,” said Woods. “I want to thank everyone again for their support.”

Despite his aim of teeing up at Augusta, Woods’ hopes for the first major of the year look increasingly dim.

The 39-year-old American has won the Masters four times, but has never donned a green jacket without first winning a tournament earlier that season.

He could opt to play a tune-up event in San Antonio or Houston before the Masters, or even in both.