Norman confirmed the jaw-dropping figure in an interview with Fox News but said the offer was made before he was named chief executive of the series.
"That number was out there before I became CEO. So that number has been out there, yes," the Australian said in an interview that aired on Monday night.
"Look, Tiger is a needle mover, right? So, of course, you've got to look at the best of the best. They had originally approached Tiger before I became CEO. That number is somewhere in that ($700-800 million) neighbourhood."
LIV Golf is bankrolled by Saudi Arabia's Public Investment Fund and has spared no expense in luring some of the biggest golfers in the world to play in the series.
But while the likes of Phil Mickelson, Dustin Johnson, Bryson DeChambeau, Henrik Stenson, Lee Westwood and Ian Poulter have all jumped ship, Woods has stayed committed to the PGA Tour.
Prior to last month's Open Championship, the 15-time major winner said he was firmly against the breakaway series.
"Greg [Norman] has done some things that I don't think is in the best interest of our game," Woods said.
"I know what the PGA Tour stands for and what we have done and what the Tour has given us, the ability to chase after our careers and to earn what we get and the trophies we have been able to play for and the history that has been a part of this game.
"I know Greg tried to do this back in the early '90s. It didn't work then, and he's trying to make it work now. I disagree with it. I think that what they've done is they've turned their back on what has allowed them to get to this position."
LIV Golf's current application to be allowed to award world ranking points could also have a significant impact on the ability of players to qualify for majors going forward, and it's unthinkable to Woods that younger players could jeopardise their chances in the big four.
"That, to me, I just don't understand it. What these players are doing for guaranteed money, what is the incentive to practice? What is the incentive to go out there and earn it in the dirt?
"You're just getting paid a lot of money up front and playing a few events and playing 54 holes. They're playing blaring music and have all these atmospheres that are different.
"I can understand 54 holes is almost like a mandate when you get to the Senior Tour. The guys are a little bit older and a little more banged up. But when you're at this young age and some of these kids... they really are kids who have gone from amateur golf into that organisation.
"I just don't see how that move is positive in the long term for a lot of these players, especially if the LIV organisation doesn't get world ranking points and the major championships change their criteria for entering the events."