Woods, a five-time winner of his own event, has endured a frustrating year due to his persistent back problem, but the 38-year-old will be hoping new swing coach Chris Como can turn around his flailing fortunes.
The 14-time major winner has started in just seven PGA Tour tournaments in 2014, for two withdrawals, two missed cuts and a best finish of tied for 25th.
Tellingly, Woods' ranking has dipped to 24th in the world - but as host of the 18-man tournament, he earns a berth in the exclusive event held at the Isleworth Golf and Country Club.
Woods replaced former swing mentor Sean Foley with Como in November, and will hope to go one better than the same event in 2013 - when he was pipped in a play-off by Zach Johnson.
Johnson is one of 13 Americans in the field, with the international contingent led by Sweden's Henrik Stenson - a last-start winner at the DP World Tour Championship on the European Tour - Northern Ireland's Graeme McDowell, Japan's Hideki Matsuyama, England's Justin Rose and Australian Jason Day.
Day's 2014 has not been too dissimilar to Woods', as thumb and back ailments have caused him layoffs.
A strong finish to the season, however, has seen Day build some momentum, with top-10 finishes at The Barclays, Deutsche Bank Championship and the Tour Championship.
Also in form is Jordan Spieth, the 21-year-old American careering to a stunning win at the Australian Open in Sydney - an event Day was forced to skip due to a back niggle.
Spieth stormed to prominence in 2013 when he won the PGA Tour's Rookie of the Year award, and has backed it up with a strong season - including a runner-up finish at the Masters, and his second professional victory on Sunday.
McDowell will be hoping to make it three wins in five years at the tournament, with his triumphs in 2010 and '12 sandwiching Woods' victory in 2011, which was a record fifth trophy.
The Northern Irishman also finished third in '13, and is in form after posting a tied for third finish at the WGC-HSBC Champions in November.
Also in the field are FedEx Cup winner Billy Horschel, major winners Bubba Watson and Keegan Bradley, plus Jimmy Walker, Chris Kirk, Matt Kuchar, Hunter Mahan, Patrick Reed and Steve Stricker.