The person spoke Thursday on condition of anonymity because the agreement had not yet been announced.
He signed with the Indians as a free agent in December 2008 and was traded from Cleveland to the New York Yankees last July. Wood became Mariano Rivera’s primary setup man and was 2-0 with a 0.69 ERA in 24 appearances with New York.
In his fifth major league start in 1998, he struck out 20 Houston Astros in a brilliant one-hitter that made him an immediate star. He missed the entire 1999 season recovering from elbow ligament replacement surgery, but in 2003 helped the Cubs reach Game 7 of the NLCS, where he was the losing pitcher despite hitting a home run against the Florida Marlins.
After winning the closer’s role in 2008, he saved 34 of 40 games, his fastball blazing in the mid 90s mph again, reinventing his career as a reliever.
That career appeared to be nearly over in 2007 as he battled shoulder problems for a third straight season. But he made a stirring comeback in August that year after the pain in his shoulder went away and pitched well in relief.
AP Sports Writer Ronald Blum contributed to this report.