The 25-year- old striker has been in outstanding form for his side, netting 40 times for Leeds since his arrival two years ago.
Leeds want to secure Wood's services, as it has been reported that that the Championship side rejected a £12m offer by Burnley for the New Zealand international.
Last season, Wood was the top scorer in the Championship with 27 goals, and Leeds hope this form will continue next season.
The English side already secured new deals with Eunan O'Kane, Gaetano Berardi and Liam Cooper.