The 14-time major winner, who is returning to golf this year following a fourth back surgery, sits one shot off the lead following the first round of the Arnold Palmer Invitational at the Bay Hill course in Florida.
The former number one, now ranked 149th in the world, shot a four-under 68 to sit one shot back from early leader Jimmy Walker.
Woods is backing up from a second placing at the Valspar Championship last week. One Las Vegas bookmaker today placed Woods as a favourite to win next month's US Masters at Augusta.
Woods, who had won eight times at Bay Hill, started his round with a double bogey on the third hole after sending his drive out of bounds. However he recovered to record three birdies on the front nine and another three on the back nine to briefly hold the lead.
New Zealand's Danny Lee shot a four-over 76 to sit in 88th place.
