Memorial organisers also said Woods will be paired with former National Football League quarterback and two-times Super Bowl champion Peyton Manning during the official pro-am on the eve of the first round.
The American officially added the tournament to his busy schedule as he looks to get in shape prior to the US Open.
Following back-to-back tournaments at the Wells Fargo Championship and Players Championship, it was widely assumed Woods would make one more appearance before this year's U.S. Open at Shinnecock Hills, with Muirfield Village serving as the most likely stop.
A statement said Woods, a five-time victor at Memorial, had added the May 31-June 3 tournament to his schedule along with newly-minted world No. 1 Justin Thomas. He last finished the tournament in 2015, when he was 71st and shot 85 in the third round.
The event is scheduled to start at the end of this month on 28 May and will conclude on 3 June.
"I am pleased that the Memorial Tournament once again is drawing a wonderful field", Nicklaus said in a release. World No. 1 Justin Thomas, Masters champion Patrick Reed, Rory McIlroy, Dustin Johnson, Jason Day and defending champion Jason Dufner are confirmed for the Golden Bear's marquee event.
"He's been very close, and having won five times at Muirfield Village, I wouldn't be surprised if he contended to win his sixth".
Woods, who began the year ranked No. 656, has moved up to No. 80.