Wolves missed out on Wood on deadline day, after bidding £1.25 million for him, but Kenny Jackett has hinted that they could try and sign him on a temporary basis later this month.
“The loan window opens within a week and it’s open to mid-November," he said.
“So there’s not a lot of difference. Ideally you would take permanent signings and be able to work with them from day one of pre-season?
“But if you don’t quite get that, you have to adapt. Certainly there’s a market for taking a loan player, taking a look at him and converting it to a permanent deal."
Wolves are known to be on the hunt for a striker in what was a quiet summer transfer window for the club following promotion.
Whilst many fans of the Midlands clubs were expecting a mini-overhaul of the squad, Jackett has kept faith with the majority of the team which got the club back to this level.
The former Milwall manager made only three signings during the transfer window and so far has been vindicated for his faith.
Wolves appear to have adjusted to their higher league well and already sit in the upper echelons of the division and they will hope to push on from their positive start.
To do this, Jackett believes that signing a goalscorer could be key and Wood has emerged as a top target for the club.
He has worked with the Leicester City striker before at Millwall, in what was the most productive spell of the target man's career to date, where Wood notched 11 times in 19 games, and if he can rekindle that form at Molineux he would be a hit.
At the moment the young forward looks set to fight it out for a place at the King Power Stadium, but his chances look limited with Leandro Ulloa, Jamie Vardy and David Nugent all ahead of him in the pecking order.
As such, a loan move may be favourable for the striker and his current club - who, ideally, don't want to lose him on a permanent basis due to his potential.
Wolves could also use the loan market to offload Roger Johnson.
The robust centre-back has no future at the club and saw a move to Genk fall through on deadline day, but he is not expected to stick around at the club for long.