Wood has returned to the Hawthorns after a successful loan spell at Millwall and Baggies assistant coach Keith Downing expects the move to Leicester to be finalised when the January window opens.
Downing said: "Leicester has shown a great interest in Chris and I expect the move to be done when the transfer window opens.
"He has done exceptionally well at Millwall and we have brought him back here."
Clarke is expected to be fit for the trip to Old Trafford but Downing said there are "major doubts" over defenders Jonas Olsson (groin) and Goran Popov (hamstring), as well as midfielder Youssouf Mulumbu (hamstring).
As a result the Baggies have recalled midfielder George Thorne from a loan spell at Peterborough and he is included in the squad to face the Red Devils.