"Am I disappointed by that? Well, sure, but time moves on," Palmer said from Bay Hill on Tuesday, where he hosts this week's PGA Tour stop.
"I stopped playing in the Masters in 2004, I stopped playing in the Par-3 (Contest) last year, and now it's time to end this part of my Masters career."
"I would love to go on doing it forever, but I don't have the physical capability to hit the shot the way I would want to hit it. So I’ll have to be content to watch."
Palmer, a seven-times major winner who triumphed at Augusta National in 1958, 1960, 1962, 1964, was joined in the opening tee shot festivities by friends and rivals Jack Nicklaus in 2010 and Gary Player in 2012.
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The 2016 Masters begins on April 7 at Augusta National Golf Club in Georgia.
(Reporting by Frank Pingue in Toronto; Editing by Larry Fine)
