Woods, who made his highly anticipated comeback to golf at the U.S. Masters earlier this month after a tawdry sex scandal, won the Players Championship in 2001.
The American world number one received a warm welcome by fans in the tightly controlled environment at Augusta National for the Masters and will have to contend with what the PGA Tour said it hopes will be "record crowds" at TPC Sawgrass.
Woods finished in eighth place last year at TPC Sawgrass, which was his first top-10 result in the tournament since his 2001 victory.
Following his tie for fourth place at the Masters, Woods has confirmed his entry for the June 17-20 U.S. Open, which returns to Pebble Beach for the first time since 2000 when he obliterated his rivals to triumph by a record 15 strokes.
He has also agreed to play in the April 29-May 2 Quail Hollow Championship in Charlotte, North Carolina.
If Woods continues to follow his usual U.S. Open build-up, he can also be expected to compete in the Jack Nicklaus-hosted Memorial tournament in Dublin, Ohio from June 3-6.
The 14-times major winner took an indefinite break from the game at the end of last year to try to repair his marriage to his Swedish wife Elin following startling revelations about his serial philandering.
(Writing by Frank Pingue in Toronto; Editing by Justin Palmer)