Woodford, a former Olympus CEO, was sacked last October after exposing a multi-million-dollar accounting fraud at the firm.
NEWS UPDATE: The hearing has been delayed until tomorrow, due to ‘unresolved issues’, according to an unconfirmed report by Alex Spence (@spencetimes), a journalist for The Times who posted a message on Twitter
NEWS UPDATE 29 May: Woodford strikes payout ‘deal’
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At the time, Olympus claimed that he lost his job owing to a clash of management styles.
Woodford is taking legal action against Olympus on grounds of unfair dismissal and discrimination.
Woodford has not previously made public the figure that he hopes to receive.
However, the Financial Times, the newspaper Woodford first contacted when he lost his job, states he is seeking up to $60m (£38m).
The amount of the payout could, potentially, reach a record figure, according to experts.
The $60m figure is understood to cover 10 years of lost earnings.
The employment tribunal hearings, at Stratford in East London, are due to last for five days.
Today’s hearing is set to begin at noon.