With Callum Wilson set for an extended spell on the sidelines with a calf problem, the Magpies are keen to strengthen their attacking options in the battle to stay up.
Wood, 30, is understood to have travelled to Tyneside after Burnley accepted a bid in excess of £20million.
The veteran Kiwi international joined Burnley from Leeds for £15m in 2017 and was the club’s record signing at the time.
Wood has scored three Premier League goals this season and now looks set to swap the Clarets’ own survival bid to bolster Eddie Howe’s frontline.
Newcastle – dumped out of the FA Cup at home by Sky Bet League One Cambridge last weekend – sit second bottom, but level on 11 points with Burnley, albeit having played two matches more.
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