Kenny Jackett's side have money available to spend after cashing in on striker Benik Afobe to Bournemouth, and with Nouha Dicko out injured for the season, a new forward is essential.
The Mail claim Wolves see Wood as a like for like replacement for the former Arsenal trainee, but whether Leeds would sell is another matter.
Wolves were interested in Wood in the summer when he was available from Leicester City, with the Express and Star reporting that they were outbid by the Yorkshire side.
Wood, 24, is Leeds United's first choice striker, and has netted eight goals in 24 appearances for the Whites.
In recent games Leeds' lack of options without him have been evident, but it is uncertain if Wood has any appetite to swap Elland Road for Molineux after just a few months.
In the Championship table Wolves are in 10th position and Leeds in 17th, but just five points separate the two sides.
Wolves supporters have not been particularly positive about the prospect of signing the New Zealand international.
Here is a look at the comments from fans via Twitter...
Linked with Chris Wood again. How bloody original. I wonder sometimes if there really is any ambition at the club #wwfc— Nathan Baker (@NathanB2606) January 17, 2016