However, Championship side Leeds have flatly turned down the bid from the Clarets, as they are intent of keeping hold of the New Zealand international striker for the 2017-18 campaign, according to the report.
According to The Yorkshire Post, Leeds value the 25-year-old striker at more than what Burnley offered them and are reluctant to sell him at any price.
Wood is one of the best players in the current Leeds squad and will be an instrumental figure in their quest to finish in the top six of the Championship this season.
The former Leicester City and West Bowmich Albion striker scored 27 goals and provided four assists in 41 Championship starts for Leeds last season.
The Whites narrowly failed to finish in the top six of the Championship last season and will be aiming to clinch a playoff spot this campaign.