The New Zealand international striker, who scored 27 goals in the second tier last season, is reported to be close to a £15 million ($19.31 million) move to the Premier League side.
"Due to strong interest from a Premier League team, the ongoing discussions with the club, and given it has always been my ambition to play at the highest level, I don't feel it is right that I play today," Wood said in a statement.
"I wish the team all the best and hope the lads can pick up the three points."
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Wood would become Burnley's record signing should the deal go through, but after the club's 1-0 loss at home to West Bromwich Albion on Saturday, Clarets manager Sean Dyche declined to comment on the Wood situation.
"I have made it clear many times, I choose to not look at other players in the public arena, I prefer to keep our business private," Dyche told reporters.
The 25-year-old Wood joined Leeds from Leicester in 2015, having previously played for West Brom.
Wood, who played in the 2010 World Cup in South Africa as an 18-year-old, has scored 20 goals in 52 appearances for the All Whites.
(Reporting by Simon Evans; Editing by Christian Radnedge)
