The 24 year old defender has, according to reports, put in a wage demand which Sheffield Wednesday are not willing to pay and it has been decided that Wood can leave the Hillsborough based club.
Speaking to BBC Radio Sheffield, Wednesday boss Brian Laws said: "Richard and his agent believe he should be the highest paid player at the club, we can't pay that.
"Lets get it out in the open and let's see what we can get for him as quickly as we possibly can so maybe I can get some money and replace him."
Wood has already had one transfer request turned down when Chris Coleman tried to sign him last season.