Tiger Woods was back at one of his favourite events and near the top of the leaderboard after carding a rock solid four-under 68 to sit one off the early first-round lead at the Arnold Palmer Invitational on Thursday.

A record eight-times winner on the Bay Hill layout, the former world number one was in vintage form, mixing six birdies with a double bogey to put a marker down for a ninth Palmer Invitational title.

Only an eagle from Jimmy Walker on his final hole for a 67 prevented Woods from grabbing a share of the early lead on a sunny day in Orlando.

Patrick Reed also shot 68 to share second with Woods while Briton Justin Rose was in the clubhouse with a 69 to sit in fourth.

"I thought I played well today." Woods told reporters. "It's just playing tournament golf, I've been away from it for so long.

"When I first game back it was just getting my feel for tournament golf again and I think I have I feel like I am not really thinking as much around the golf course, it's more see it, feel it and go.

"That's just because I have my feels back again."

After years of battling back woes, Woods, who underwent spinal fusion surgery last April, appears to be back close to the form that helped him win 14 major titles.

Picking up where he left he left off on Sunday with a second place finish at the Valspar Championship, Woods got a cool morning off to a hot start by collecting three birdies on an error-free first nine.

Playing the back nine first, the 42-year-old American's round stuttered at the par-four third where he took a double bogey after hitting his tee shot out of bounds.

But Woods, playing with supreme confidence, was quickly back on track, picking up his fourth birdie of the day at the par- five fourth to inch his way back up the leaderboard.

That was followed by a birdie at six and another at seven when he rolled in a monster 71-foot putt that brought a roar from the gallery.

"At seven I was just trying to get down in two and not make a bogey I didn't want to drop another shot," Woods said. "That putt as it came over the ridge it had too much steam on it...luckily it hit the hole or it would have rolled eight feet by."

Northern Irishman Rory McIlroy, Swede Henrik Stenson and American Rickie Fowler were among the late starters as the players continue their preparations for next month's U.S. Masters.