The 'Pretty Girls' star's scheduled performance at the June 13 parade had been met with strong criticism, with Azalea's past use of homophobic language coming back to haunt her.
In a message posted on her official Twitter account, Azalea told fans that she was "truly disappointed" to be sharing the news.
"This his has been a difficult decision as I truly support the event and LGBTIQA communities, however I feel my participation at this point would only serve to further distract from the true purpose of the event," she wrote.
"I am a firm believer in equality. Unfortunately in the past as a young person, I used words I should not have. The last thing I want is for something so carelessly said to be interpreted as reflective of my character. I meant no harm and deeply regret ever uttering those words."
She further explained: "As an adult I would never use them because I understand they play a detrimental role in the fight for issues that I do truly believe in. I am sorry to anyone I have offended or disappointed & I wish all my fans and friends participating in Pride the best of luck."
A message to Pittsburgh pic.twitter.com/Jm6ZyX0Xyc
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— IGGY AZALEA (@IGGYAZALEA) June 9, 2015
Several LGBT groups had cancelled their participation, with one describing Azalea's booking as "insensitive". Local media also reported that a 'Shut It Down' protest had been scheduled to take place during the performance.
The news follows last week's announcement that Azalea had cancelled her entire US arena tour.
