Els is the second player to withdraw from the Grand Slam, which is limited to the year's four major champions. PGA champion Rory McIlroy skipped it because he is playing a European Tour event next week in China. He was replaced by Keegan Bradley.
Els says he recently sprained his left ankle. He says it isn't serious and he should recover quickly, though he has been advised not to play.
The 36-hole exhibition, which starts Tuesday at Port Royal Golf Club, pays $600,000 to the winner.