Wolves were believed to be favourites to land Wood, but Leeds have stolen in to lure the New Zealand international to Elland Road.
Wolves and Leeds are understood to have agreed fees with Leicester for Wood and after holding talks with both clubs it appears Wood has chosen to join Uwe Rosler's Leeds.
Wood's signing will come as a major boost to Rosler who had made a big target man one of his main priorities after taking over at Elland Road this summer.
Wood is now expected to undergo a medical before finalising his switch to Leeds and he is expected to sign a four-year deal.
The 22-year-old found himself down the pecking order at the King Power Stadium last season, making just six appearances for Nigel Pearson's side last term and ended last season on loan at Ipswich Town.
Leicester are willing to cash in on Wood this summer with the player entering the final year of his contract at the club.