The 28-year-old Australian has forged a close relationship with Woods in recent months with the former world number one regularly offering advice via text messages in the buildup to events.
Woods, a two-time winner at TPC Sawgrass, will not be competing in Ponte Vedra Beach as he battles his way back from an extended layoff after back surgery.
But Woods's influence could well be significant if Day mounts a successful challenge for the USD 1.89 million winner's check.
"If there's a guy that you want to pick someone's brain, it's him. Did it for so long, did it for many, many years, won so many golf tournaments. He knows what it's like to win in the modern era."
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Day said he often turns to Woods for motivational advice, revealing that he is hoping to emulate the sort of mental toughness which became synonymous with Woods during the 14-time major winner's peak.
"It's a lot about just trying to get better mentally and that mental toughness that he had for so long."
Day, the 2015 PGA Championship winner, says a victory at The Players Championship could ultimately end up shaping his legacy.
"It's a golf tournament that you really do want to win and have it on your resume at the end of your career because it's such a huge event," he said.
But Day faces a daunting challenge from a field that includes all of the world's top 20 players, including his nearest rival in the rankings Jordan Spieth, playing his first tournament since his spectacular Masters meltdown last month.
Among the other challengers is newly minted Masters champion Danny Willett, who plans to use his victorious campaign at Augusta as the blueprint for his assault on TPC Sawgrass.
"I'll approach it the same as I approached Augusta," said Willett. "Do the bits I can do and take care of my little jobs every day, and then hopefully if you do all that you can hopefully shoot some good numbers."
"You have to be pretty spot on," Fowler said. "It's a very fine line at this golf course. The targets and the driving areas are very small, you don't have much room.
"You're playing against the best players in the world, so someone's got to break it at some point.