It was earlier reported by The Yorkshire Post that Leeds have turned down an offer from Burnley for the New Zealand international striker.
The Clarets made an offer of £12 million plus add-ons for the 25-year-old, but the West Yorkshire rejected it, according to the report.
Wood is one of the best strikers in the Championship, and he will be a key player for Leeds this season.
For the West Yorkshire outfit to finish in the top six of the league this season, they need to keep hold of the former Leicester City and West Bromwich Albion striker.
It would be very hard for Leeds to replace Wood at this stage of the summer transfer window even if they get a lot of money.