Wood left Burnley after Newcastle triggered the release clause of 25 million pounds ($34.5 million) in his contract.
Burnley is in last place, three points behind third-to-last Newcastle and four points from safety.
It was set to be a busy deadline day in London.
Pierre-Emerick Aubameyang has not played for Arsenal since Dec. 6 following disciplinary issues and then being at the African Cup of Nations with Gabon. The forward has been linked with a move to Barcelona or Juventus.
Tottenham missed out in recent days on signing Adama Traore, who went to Barcelona from Wolverhampton, and Luis Diaz, who joined Liverpool from Porto. The north London club was trying to bring in two players from Juventus — winger Dejan Kulusevski and midfielder Rodrigo Bentancur.
Tottenham was also trying to offload record-signing Tanguy Ndombele back to Lyon and also find clubs to sign Dele Alli, Giovani Lo Celso and Bryan Gil on loan.
Donny van de Beek, who has struggled for playing time at Manchester United, could get a chance to revive his Premier League career by joining Everton on loan.
Newcastle was also looking to add more players to ensure its first season under Saudi ownership does not end in relegation, with the team currently in the drop zone.
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