Just six months after staring down retirement following spinal fusion surgery in 2017, the 42-year-old has sensationally knocked World No.1 Dustin Johnson off the top of the odds list for the Augusta National major in April.

Woods, coming off tie for second place at last week's PGA Tour event in Tampa, was given the nod from bookmakers and punters alike when he opened the Arnold Palmer Invitational with an ominous four-under-par 68.

He sits four shots back of leader Henrik Stenson, with the 2016 Open Champion mixing nine birdies with a bogey during a brilliant 64.

Stenson claimed a one-shot lead over Aaron Wise and Talor Gooch (both 65), while World No.7 Rickie Fowler (67) shares fourth at five under.

But Woods' stunning resurgence – 10 years after landing his 14th and what many thought was his last major – is the talk of the sporting world.

Woods has rocketed into Masters favouritism after his opening round at the Arnold Palmer Invitational. PHOTO: Mike Ehrmann/Getty Images.

He has not been favourite at Augusta since he was a $4.50 choice in 2013.

But the four-time Masters champion is a $10 top pick for the year's first major, ahead of Johnson, fellow American superstars Justin Thomas and Jordan Spieth and the likes of Rory McIlroy and Jason Day.

"You guys are asking different questions from when I first came back and it wasn't that long ago – it was two months ago – and the narrative has completely flipped," Woods said.

"I enjoy just playing again, playing feels good. Just take a different perspective over it is all I'm asking."

Stenson said he was not surprised to see Woods at the top of the odds, despite the 42-year-old playing just the fifth event in his comeback from spinal fusion surgery last year.

"I played with Tiger at the Hero World Challenge in the Bahamas (in December) and I could tell straight away that he was more ready, had worked more on his game, looked healthier and was keen to compete again," Stenson said.

"It was a noticeable difference to me, compared to the other (injury returns) when he hadn’t been healthy enough."

- Evin Priest, Australian Associated Press