The 19-year-old has come on leaps and bounds this season and was an integral part of the Wednesday squad who won promotion on Sunday.
Wood kept Hartlepool's Adam Boyd quiet at Cardiff - a fitting end to an impressive season and has said he will sign the deal when he returns back from holiday.
Meanwhile, Chris Brunt has been called into the Northern Ireland squad in bizarre circumstances.
The winger was originally on stand by and was walking his dog near the training ground when he was spotted by an official and drafted in.
Apparently, the Northern Ireland manager Lawrie Sanchez did not think he was even in the country!
James Quinn is also training with the national team as they prepare to face Germany this weekend.
He is one of a handful of players who are unsure of whether to play as it may put potential clubs off or hamper contract negotiations if they get injured.