The former world number one, who has slipped down the world rankings in recent months, will return from minor ligament and tendon injuries at the highly-competitive event.
Woods managed to play nine practice holes at the TPC Sawgrass on Tuesday and said he felt "good enough to play" but added: "We'll see how this week progresses."
A star-studded field is expected for the event, often referred to as golf's fifth major, but world number one Lee Westwood has decided not to take his place in Florida.
Westwood's absence means that Luke Donald and Phil Mickelson, who will both compete, could replace the Brit at the top of the world rankings with a good result.
Mickelson has never filled the top spot in the rankings but has admitted it is not the most important thing to him.
"There's a lot more satisfaction over beating the best players in the world on a challenging test like this than there is to say you're ranked 'X' on the world rankings," he explained.