The world number one has been denied a 20th consecutive appearance at Augusta, where he has won four times, after undergoing a back operation.
Woods has not added to his 14 Major triumphs since 2008 and despite this latest setback in an injury-plagued few years, the 38-year-old has insisted that there is still time for him to beat Nicklaus's tally.
"There are a couple [of] records by two outstanding individuals and players that I hope one day to break," Woods told reporters.
"As I've said many times, Sam [Snead] and Jack [Nicklaus] reached their milestones over an entire career. I plan to have a lot of years left in mine."
Snead has the most wins on the PGA Tour, having won 82 tournaments throughout the middle of the 20th century.