The 34-year-old right-hander made 55 relief appearances for Chicago last season, pitching to a 3-5 record with a 3.35 ERA, one save and a career-high 21 holds.
The fourth overall pick by the Cubs in the 1995 draft, Wood spent the first 14 years of his career in the Cubs organization, originally appearing as a starter but then converting to the bullpen prior to the 2007 season.
He then moved on to Cleveland and split the 2009 season with the Indians and New York Yankees before returning to Chicago last season. He currently ranks third in Cubs franchise history with 1,464 strikeouts and 14th with 331 appearances.
In 436 career outings, including 178 starts, Wood has a 86-73 record with a 3.64 ERA, 1,576 strikeouts and 655 walks through 1,371 1/3 innings pitched.