Woods finished in 12th place in the Honda Classic at the PGA National Resort & Spa in Florida in February, in what was only his third PGA Tour start since his comeback after spine surgery.
He is now eighth in the betting for next month's Masters, where he announced himself with victory in 1997 before adding three more titles in 2001, 2002 and 2005.
Feherty, now a Golf Channel analyst, has assessed the American's recent form, posture, and swing, and believes the 42-year-old has rediscovered his swagger.
The PGA Tour says he committed on Friday to play next week in the Valspar Championship at Innisbrook.
The golf world expected Woods to play Bay Hill, where he has nearly a.500 record in his 17 starts. His options were limited for pre-Masters prep as he wasn't eligible for this week's WGC-Mexico Championship or the WGC-Dell Technologies Match Play in late March. "And I think he needs to contend again and get into the hunt", said Chamblee."But it will surprise nobody if he's very close to the lead all through that tournament, the Masters". "I told you guys at Torrey, try and get everything situated for April and I feel like I'm right on track for that".More news: Rose Dream Big At $10m WGC-Mexico Championship
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Numbers spiked at the Honda Classic as golf fans got to see Tiger Woods play into the weekend for the first time in a while and even break 70 for the first time in 900 days.
These will likely be Woods' final two starts before the Masters and allow him two full weeks off before heading to Augusta National.
Woods' appearance now at both the Valspar and Bay Hill is sure to send spectator numbers soaring as was the case in all three events he's contested this year on the PGA Tour.
There was a good feeling about this return from the start, and Woods continues to deliver. Each and every time I've come out to tournaments, I'm getting the feel of the round faster.