Woods has said he needs more "tournament reps" to be ready for the Masters but eligibility issues will limit the number of events he can play between now and April. He has not competed at Bay Hill since he won in 2013 due to four back surgeries that kept him out of the event.
It means Woods will now join Rory McIlroy who will also be contesting the Valspar Championship for a first time and in what will be McIlroy's sixth event ahead of the Masters.
Woods is still able to enter most PGA Tour events whenever he'd like to because he has a high ranking on the PGA Tour priority list.
The 14-times major champion, whose third-round 69 was his lowest on the PGA Tour since 2015, finished eight shots off the pace in 12th for perhaps his boldest statement yet of the year.
At least 28 killed in Burkina Faso army HQ attack
The West African nation has been exposed to Islamist violence emanating from Mali and suffered several attacks in recent years. The statement expressed the deep condolences of the UAE to the families of victims and wished quick recovery to those injured.
These will likely be Woods' final two starts before the Masters and allow him two full weeks off before heading to Augusta National.
The 42-year-old will be making his debut in the Valspar Championships but will hope to recreate old glories at the Arnold Palmer Invitational. You've got to deal with swirling winds, elevation changes.
"That's something I'm very proud of". It's even more clear that Jonathan Randolph is one of those players.
The former world No. 1, who began the year ranked 656th but has soared up to 389th, was not eligible for this week's WGC-Mexico Championship. The Spanish duo of Sergio Garcia (65) and Rafa Cabrera Bello (67) were in a share of second.
Should he improve that form in the build-up to the US Masters, then Feherty says Woods will firmly be in the mix for a fifth US Masters title.