However, Eddie Howe needs a striker for the here and now and Wood's style of play could be exactly what the Magpies need and could also provide the perfect foil for Calum Wilson.
Newcastle are second from bottom in the Premier League and this January transfer window is vital if they are to claw their way out trouble.
The Saudi-backed club have already added England fullback Kieran Trippier to their ranks but Howe remains keen to boost their option at the sharp end.
Wood, 30, certainly knows his way around the Premier League and has 49 goals in 144 appearances for Burnley.
Burnley boss Sean Dyche will be keen to keep hold of his target man and the last thing the Clarets would want is to strengthen a direct relegation rival.
It is believed however that Wood has a release clause in his contract which has fuelled Newcastle's interest in the forward who is contracted at Turf Moor until 2023.
If the Magpies can activate the release, it is estimated that Wood could be valued at around the £25m mark, having joined the Clarets for £15m in 2017 from Leeds.
It has been a tough campaign for Burnley so far and they have scored just 16 times - the third lowest in the league - and Wood has netted three times.
His does though have a one in three strike rate and plus his physical presence could prompt Newcastle to swoop for the most unlikely of players who could be just what they need at this moment in time.
For Burnley, it could prove a serious blow and one that would make it extremely difficult to avoid the drop.
Wood featured for Burnley in the FA Cup loss to Huddersfield but was forced off with a groin issue. He remains a doubt for their Premier League match against Leicester on January 15.