Exact roles for the race have yet to be revealed but Woods finished seventh in the race back in 2017 and has won two grand tour stages at the race over the years.
Froome, a two-time winner of the Vuelta, is likely to aim for stage wins and breaks during the race.
On Friday, Froome took to social media to confirm that he is healthy and on track after recovering from a bout of COVID.
“Back to 100 percent health and ready to take on the rest of the season,” he wrote on his Instagram page.
Both Froome and Woods raced the Tour de France but saw their efforts cut short by COVID.
Froome pulled out ahead of stage 18 due to a case of the virus, while Woods had the unfortunate news of returning a positive case on the final day of racing. Neither rider has raced since the Tour de France but both are now over the virus and back in training.
The rest of the Israel-Premier Tech team has yet to be finalized with a formal announcement expected early next week. Patrick Bevin and Alessandro De Marchi are expected to be in the equation.