The Cherries have fired manager Jason Tindall after a poor run, having gone without a win in their past five league games.
Bournemouth are sixth in the table and their promotion charge is in doubt due to recent results.
Woodgate is 41 and was sacked by Middlesbrough last term.
According to Bournemouth, Woodgate is in charge temporarily so the club can perform "due diligence on suitable external candidates ahead of an interview process, with the aim of confirming a new permanent manager as swiftly as possible."
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