Trainer Cherie DeVaux said the Kentucky Derby winner will miss the $2m Grade 1 race on 16 May at Laurel Park in Maryland.
The post-position draw is scheduled for 11 May as organisers track a prospective field of 16 horses for the second leg of US flat racing's Triple Crown.
The Preakness is being run at Laurel Park this year because Pimlico Race Course in Baltimore is undergoing renovations, reshaping the race's usual setting.
With the Derby champion out, who will conquer the Preakness at its unfamiliar Laurel Park track?
Is the Derby winner's absence the final push needed to change the Triple Crown's historic schedule forever?
Can a $400M Pimlico rebuild and a temporary race truly save Maryland's massive horse industry?