Lando will now attend next month's Autosport International Show as this year's recipient of the prestigious McLaren Autosport British Racing Drivers Club (BRDC) award. The British youngster won the Formula Renault Eurocup and Formula Renault Northern European Cup titles this year.
Norris said 2016 has been a very busy year of racing that started in New Zealand last January and finished in Macau in November and countless testing days.
"I need to be in the best possible shape, mentally and physically, from the start of the European F3 season in April," said Norris.
"Being successful in F3 is my number one priority in 2017 so unfortunately it's a case of sacrificing the TRS opportunity. Additionally, having recently won the McLaren Autosport Award, I really want to spend time at the Autosport International Show in January where I'll also now have important commitments for the BRDC."
The five round, 15 race Castrol Toyota Racing Series concludes with the New Zealand Grand Prix at Manfeild near Palmerston North on February 11 and 12.