The 30-year-old is due on Tyneside to undergo his medical. A deal is expected to be finalised in time for Saturday’s Premier League bottom-of-the-table clash with Watford at St James’ Park.
With top scorer Callum Wilson ruled out for two months, signing a centre-forward had become a major priority for the Magpies’ transfer chiefs.
The Clarets did not want to lose Wood, not least to a relegation rival, however it is understood their stance was weakened when United discovered a release clause in the former Leeds United man’s contract, which was due to expire in 2023.
The New Zealand international has hit double figures in each of his first four Premier League seasons at Turf Moor but has only netted three goals in 2021/22.
Chris Wood set for Newcastle medical
In total, Wood has scored 53 goals in 165 appearances for Burnley since his £15m from Leeds United in 2017.
Wood’s arrival at Newcastle bolsters United’s attack line, which currently has no fit recognised strikers with Dwight Gayle also absent, and weakens a team on the same number of points in the top-flight table.
It is hoped a move for Wood will be completed in time for Watford. Newcastle must finalise the relevant paperwork before noon on Friday for him to be available.
England full-back Kieran Trippier was the club’s first signing of the winter window after arriving from La Liga champions Atletico Madrid for £12million last week.
The two players share the same agency.