The 2007 Wells Fargo Championship victor has committed play in next week's Wells Fargo Championship at Quail Hollow Club.
When asked to comment, Wood's agent told Golf Channel: "We don't know right now ..."
Woods last won The PLAYERS in 2013, which was the past year he managed to take first in any tournament. "We're working on a couple things". Woods has won the event once previously, in 2007, but has not played in it since 2012. The course also played host to the 2017 PGA Championship, won by Justin Thomas. Woods' win at the Wells Fargo was his first - and only - win in North Carolina.
Even before Woods's reported commitment, the Wells Fargo field already had a strong field comprised of big names such as Rory McIlroy, Rickie Fowler, Jason Day and Phil Mickelson.More news: Israel, US concerned by recent Iranian cargo flights to Syria
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The former world No 1 thoroughly impressed at the Valspar Championship and Arnold Palmer Invitational before he made his long-awaited return to a major at the Masters.
Woods has been resting since a 32nd place finish at the Masters earlier this month after successive top five spots in his previous two competitive starts. He now ranks 35th in driving distance but just 202nd in driving accuracy.