Woods has won the Arnold Palmer Invitational a record eight times, the last of which came in 2013.
However, he has not added to his total of 14 major wins since 2008, but hopes to be in contention at Augusta from April 9-12.
"I've put in a lot of time and work on my game and I'm making strides, but like I've said, I won't return to the PGA Tour until my game is tournament ready and I can compete at the highest level," the 39-year-old said on his website.