Raymond Floyd has played every Masters since making his debut in 1965
Former Masters champion Raymond Floyd has announced his retirement at the age of 67, reducing the field at Augusta this week to 96 players.
The 1976 winner, who lost a dramatic play-off to Nick Faldo in 1990, won four major titles in his career.
But he had not made the halfway cut at Augusta since 1999 and underwent back surgery last year.
"I'm not competing this year. I'm not competitive now and I didn't want to go out and embarrass myself," Floyd said.
"It was something I toyed with pretty much all year as to whether I would play or not.
"I just feel that I've had so many fond, special memories here and I didn't feel like I embarrassed myself out there."
Floyd has played every Masters since making his debut in 1965 and in 1990 went closest to becoming the first winner of the Wednesday par-three competition to take the Green Jacket four days later.
Faldo was four behind with only six holes to play, but caught Floyd and triumphed on the second extra hole - as he had the year before against Scott Hoch - when the American pulled his approach into the water.
"It was my most difficult loss, but I don't think at Augusta National or the Masters I will ever have anything but the fondest of memories," Floyd added.
"I promise you there will not be a point this week when I wish I were out there.
"I'm going to enjoy walking around here with my (green) jacket on, watching the television."
In addition to his Masters triumph, Floyd won the USPGA Championship in 1969 and 1982 and was US Open champion in 1986. He also claimed 22 wins on the US PGA Tour.