Trump, who has repeatedly criticized the media and accused outlets of pushing "fake news", told NY radio station 77 WABC that he did not plan on attending the annual event.
"I call them novelists", he said, accusing members of the press of sometimes making up sources. "So it's probably unlikely I'll do it".
The Republican president's assaults on the "fake news" media have sharpened in recent weeks and have included attacks on CNN president Jeff Zucker and Amazon founder Jeff Bezos, who owns The Washington Post.
President of the White House Correspondents' Association, Margaret Talev, a correspondent for Bloomberg made the announcement on Friday.
He skipped it in 2016, which came amid the presidential campaign and was the last of the dinners at which Mr Obama was the honoured guest.
"In keeping with tradition, Press Secretary Sarah Sanders also will represent the administration at the head table".
Traditionally, the president attends the event, which typically includes a comedic routine at their expense.
He rented Capitol Hill accommodation from the wife of an energy lobbyist a year ago at the below-market rate of US$50 per day and used taxpayer funds for first-class travel.
President Donald Trump, who has been criticized for an apparent lack of consistency between past statements and later actions, it sticking to his guns on one issue. It includes acknowledgement of award-winning reporting and the presentation of journalism scholarships.