Wood has been put up for sale after rejecting a 'double your money' offer to stay at Hillsborough.

Now the Magpies, who have pushed the boat out on new players thanks to Saudi investment, may be ready to meet his wage demands.

Wood, 24, is approaching the end of his current contract and will be entitled to walk away on a free transfer in the summer.

Owls manager Brian Laws, however, has made it clear that he would prefer Wood to leave immediately – generating funds to bolster his side – if he is not willing to accept the club's proposals.

The Magpies, fourth in the League Two table, sent shockwaves around the Football League by appointing former England manager Sven-Goran Eriksson as director of football in the summer.

Last week, Eriksson's former assistant Hans Backe was installed as first-team manager following the departure of Iain McParland.

It is understood that Backe wants Wood to fill the hole originally reserved for England defender Sol Campbell – who quit after playing just one league game for the Meadow Lane club.

The Magpies have already pulled off a number of major transfer coups this season, signing Manchester City goalkeeper Kasper Schmeichel, former West Bromwich Albion striker Lee Hughes, and former Sheffield United striker Ade Akinbiyi. Should Wood agree to step down two divisions, it would be another significant statement of intent.

Both Ipswich Town and Coventry City have previously made offers for Ossett-born Wood but have yet to enter the bidding this time around. There is also a possibility that Sheffield United could join the chase should Matthew Kilgallon depart following his decision to reject a new deal at Bramall Lane.

Owls defender Darren Purse and midfielder Tommy Miller, meanwhile, are still unable to train due to the virus that swept around the dressing room last weekend. Mark Beevers, Michael Gray, Sean McAllister, and Akpo Sodje – who were also laid low – returned to training yesterday.

Former Sheffield United, Rotherham United, and Doncaster Rovers player Keith Kettleborough has died aged 74.

Kettlebrough made over 400 appearances in the Football League between the mid-Fifties and the late Sixties and also played for Chesterfield and Newcastle United. He managed Doncaster Rovers in the 1966-67 season and moved into teaching after quitting the game .