Campbell, who turns 40 next week, has consulted his medical advisers and decided that he would have insufficient time to prepare for the $US600,000 ($NZ1.2 million) tournament on March 5-8.
The decision means he is most unlikely to take his place in the New Zealand Open near Queenstown the following week.
The 2005 US Open champion initially hurt his shoulder while taking luggage off an airport carousel last June but played through the pain with some painkilling drugs because he had been in a strong run of form.
Campbell said he now regretted that decision because the shoulder injury had continued to flare, causing him to withdraw from his last three scheduled events.
Championship promoter Bob Tuohy today said it was a shame Campbell could not play at Clearwater but he fully understood the frustration Campbell must be experiencing.
"He has tried to come back and play a couple of times only for the injury to flare," Tuohy said.
"He is due to check with his specialists on Thursday in Melbourne which will give a clearer picture on when he is likely to resume his tournament schedule."
