The 21-year-old New Zealand international has agreed personal terms with the Foxes, with a view to completing a permanent transfer once the January transfer window opens.
Wood has spent the last three months on loan with npower Championship side Millwall, where he made 19 appearances and scored 11 goals prior to his recall to the Hawthorns this week.
Despite only turning 21 at the start of December, he has already amassed 118 league appearances and 32 league goals in England, thanks to a string of successful loan spells. He has also been capped 29 times by his country, scoring 10 goals and appearing for the All Whites at both the 2010 World Cup in South Africa and the 2012 Olympic Games in London.
As well as making his mark on loan at Millwall, Wood has left a big impression at Bristol City, Birmingham, Brighton and Barnsley in the last two years, building a reputation as a powerful striker with a keen eye for goal.
Born in Auckland in 1991, Wood played for Waikato FC and Hamilton Wanderers before joining West Brom’s academy in 2008. He signed his first professional contract a year later and went on to make 27 appearances for the club.