A back injury has prevented the 40-year-old from playing competitively since last year's Wyndham Championship and he has twice undergone surgery in order to aid his recovery.
Woods had planned to return at October's Safeway Open but decided he was not fit enough to do himself justice, before again abandoning plans to feature at the recent Turkish Airlines Open.
However, he insists he is now fit enough to play and will tee it up at his own tournament, this week's 18-man event at Albany Golf Club in the Bahamas.
Scott is in action on home soil at the Australian PGA Championship, but the former world number one insists he will be looking to see how Woods fares as the 14-time major winner finally gets back on the course.
"Hopefully he's on the road to coming back to playing some really good golf," he said. "It's good for everyone if he does and it will be good to see him playing back at the top level again.
"I'll put the TV on to watch that one, for sure."