The Leicester Mercury reported yesterday that both clubs had offers accepted for the New Zealand international and Wood was free to open talks with both.
Leeds were believed to be offering better personal terms with reports of a four-year contract, but Wood had played before under Wolves boss Kenny Jackett while he was on loan at Millwall.
According to the Daily Star Wood has made his decision and will head to Yorkshire rather than the West Midlands, where he has already played for Wolves' Black Country rivals West Brom and Birmingham.