I hope to be ready for the Masters, and I will continue to work hard preparing for Augusta."
Palmer first hosted the Bay Hill tournament in 1979 and it took his name from 2007. It raises money for two Florida hospitals named for the seven-time major winner and his late wife Winnie.
"I am so proud of what has been accomplished at the hospitals over the past 25 years. It is always a privilege to know that we are making a difference in the lives of families throughout the community," said Palmer after his medical center was named one of the best for children in the U.S. for 2014-15.