According to Deadline, The Manchester By the Sea actor will also not be attending the ceremony.
Affleck allegedly did not want to "become a distraction from the focus that should be on the performances of the actresses in the category."
The actor's decision to withdraw from presenting came from being in a "no-win situation" because of the #MeToo campaign.
He feared that his position presenting the award was going to create controversy.
Affleck's decision to forego giving away the award and the ceremony isn't a surprise considering claims that have been made against him in the past.
In 2010, two women that worked on the Affleck-directed film I'm Still Here sued him for sexual harassment.
One woman claimed Affleck came into her bed while she was sleeping without her consent.
The other woman claimed she was pressured to stay in his hotel room when he aggressively grabbed her in order to intimidate her upon refusal.
Both women alleged they were verbally berated by Affleck and he had someone else working for him expose himself to them alongside other misconduct allegations.
The women also claimed Affleck allegedly locked himself in their hotel rooms along with two other women for sex.
One woman sued Affleck for $2m, while the other sued for $2.25m.
In 2010, Affleck settled the cases outside of court and the settlement amounts have never been disclosed.
The actor has denied the claims.
According to Affleck's lawyer, he even wanted to counter-sue the women when he was first sued.
In a 2016 New York Times profile, Affleck addressed the allegations saying, "It was settled to the satisfaction of all. I was hurt and upset—I am sure all were—but I am over it. It was an unfortunate situation—mostly for the innocent bystanders of the families of those involved.”
Normally the Best Actor gives presents the winner of Best Actress with her award and the Best Actress winner gives the Best Actor his accolade.
Because of the uncomfortable situation, Affleck has shifted this year's dynamic at the Oscars ceremony.