Running back Marshawn Lynch, who is coming out of retirement to play for the Raiders, will don the No. 24 jersey that hasn't been worn since Woodson retired with Oakland at the end of the 2015 season.
"I'm excited about it for Marshawn to have a chance to come home and play in front of friends and family," Woodson told ESPN. "That number 24, that's something special with the Raiders. I don't think there's anybody more worthy than Marshawn to wear that number."
Woodson played 18 NFL seasons and ended his career with 65 interceptions, ranking fifth on the all-time list. He earned nine Pro Bowl selections.
Lynch, meanwhile, also retired after the 2015 season with the Seattle Seahawks, but he is returning to his hometown team after sitting out one year.
The Raiders and Seahawks worked out a trade near the end of April to send "Beast Mode" back to Oakland, where he starred at the scholastic level before moving up to play at the University of California.
Lynch, 31, has a fairly sterling resume of his own, including six 1,000-yard rushing seasons and five Pro Bowl nods, which Woodson acknowledged were factors in passing along his jersey.
"It would be different if he was a younger player just coming into the league," Woodson said. "But he's a seasoned pro now with a different perspective of the NFL.
"It's a positive and a plus to have him at this stage of his career. His main intention is to win a championship for Oakland."