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McIlroy can become just sixth player to complete the Grand Slam of all four major titles with victory at Augusta next month, joining Woods, Gene Sarazen, Ben Hogan, Gary Player and Jack Nicklaus.
Woods is without a major since the 2008 US Open and hasn’t claimed a green jacket for a decade, but the now world No 87 is still ‘hopeful’ of featuring in the tournament he has previously won four times.
While attention is currently on the Northern Irishman, McGinley, who will be part of Sky Sports’ commentary team at Augusta, knows the focus surrounding Woods’ current struggles would make life easier for McIlroy next month.
"Look what happened at the US PGA last year, all the talk was 'is Tiger going to play, is he not going to play?',” McGinley said. "At the time Rory was favourite, but all the expectation, all the talk, all you guys (the media) were focused on was Tiger.
"Rory didn't sneak in the back door, but he was able to go about his business without the attention on him. I do hope Tiger comes back, we all hope Tiger comes back. I don't know if he will or not, we'll have to wait and see."
The 14-time major winner has made just two starts on the PGA Tour this year, missing the cut at the Phoenix Open after a career-worst 82 before withdrawing just 11 holes in to the Farmers Insurance Open.
With injury adding to Woods’ shocking short-game woes, the 39-year-old said he was taking time out from the sport in order to work on his game and will also miss this week’s Arnold Palmer Invitational at Bay Hill, a venue where he has won eight times.
"When you see a guy who was as great with the chipping as Tiger was, is he going to come back from it? We really don't know," McGinley added.
"My hunch would be there's something bigger going on. There's no doubt Tiger has peaked in terms of when guys normally play their best golf. That doesn't mean he's finished, but certainly he is in the back nine of his career."
Defending champion Bubba Watson believes that there is no pressure on him to retain his title at Augusta National, where victory would make him only the fourth player defend his Masters crown.
Watson, who is eyeing a third Green Jacket after also winning in 2012, told reporters: "Obviously, I think he (McIlroy) would have more pressure than me, because look at the talent he has and the records he could beat when he gets older."
"He's got years, he's got his whole life to try to win the Masters, but obviously ... he's going to put pressure on himself."
Woods’ place as the face of golf on EA Sports’ PGA Tour video games has come to an end after 17 years, with McIlroy now featuring on its cover.
The "Rory McIlroy PGA Tour" will be released in June, with the Northern Irishman saying in a statement he was “very proud and humbled” to be used for the game.
