Performances will begin February 28, 2018, at the Imperial Theatre, where it is set to officially open April 12. A replacement for Wolfe will be announced at a later date.
"I am so sad that I won't be able to join this beautiful production due to scheduling conflicts this fall, and wish the team all the best moving forward," Wolfe, who is currently starring on Broadway in Waitress, said in a statement.
Producer Scott Rudin added, "We wish Betsy well and are enormously disappointed she won't be able to join the company at the Imperial."
The Jack O'Brien-helmed production will star Tony winner Jessie Mueller as Julie Jordan, Tony nominee Joshua Henry as Billy Bigelow, and opera star Renée Fleming as Nettie Fowler. Also among those tapped for the revival are Alexander Gemignani, Margaret Colin, and New York City Ballet's Amar Ramasar and Brittany Pollack.
Prior to Waitress, Wolfe appeared on Broadway in the 2016 revival of Falsettos, as well as Bullets Over Broadway, The Mystery of Edwin Drood, and 110 in the Shade.