The 34-year-old Oscar-winner played the Asgardian god's (Chris Hemsworth) human love interest Jane Foster in the previous two Thor movies.
But she won't be a part of the 2017 film, reported Entertainment Weekly.
"There are many reasons she won't appear, many of which are in the film, so you will see that. There are only a couple scenes on Earth in this movie. The majority, 95 per cent of the movie, takes place in the cosmos," Marvel Studios boss Kevin Feige said.
He also stressed that a third installment in a film series often provides "the opportunity and the time to really change things up".
Newcomers to the cast include Oscar winner Cate Blanchett purportedly as the goddess of death Hela, and "Creed" star Tessa Thompson as a mysterious new hero for the Marvel universe.
"Thor: Ragnarok" releases in November 2017.
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