The 31-year-old is set to face the 14-time major winner in the first round of the tournament in Arizona on Wednesday, as Woods makes only his third appearance of the year.
The Spaniard has never played with Woods in any form of the game but will get his chance in mid-week and goes into the match after a steady, if unspectacular, start to the year.
He finished 17th at the Abu Dhabi HSBC Golf Championship and 12th in the Commercialbank Qatar Masters and will be hoping to get more than just one round of golf in the desert this week.
The world number 48 admits he is looking forward to the match-up and believes his best game is good enough to topple the three-time champion.
"It's a great opportunity, and you have to look at it that way," he told reporters. "If you tee it up on Wednesday thinking, 'Oh, no, I'm playing against Tiger', that's not the way to start a tournament.
"I'm the underdog, I have nothing to lose. And at the same time I don't think he's at his best so it's a good opportunity. If I play well I can beat him."
Fernandez-Castano has won five times on the European Tour and last tasted success in the Barclays Singapore Open back in November 2011.
And the Madrid born-star feels he has nothing to lose in a contest with one of the best players ever to swing a club.
"If I win, fantastic. If I lose, well, I've lost to one of the best players in history," he added. "I know I need to play my best golf and hopefully he doesn't play his best. That's the way it works. Match play is like that."