The 22-year-old struggled with a niggling back issue during the 2023-24 campaign but was one of the first names on the Swans' teamsheet when available.
Wood made 26 appearances in the Championship - starting 24 of those - scoring his only goal of the season during the 3-2 defeat at West Bromwich Albion back in August.
The former Hibernian loanee has experience on the international stage for England at youth level, being selected by Lee Carsley for the Three Lions' Under-21s squad in March, starting the 5-1 thrashing of Azerbaijan during European Championship qualifying.
Since making the permanent switch from fellow second-tier outfit Middlesbrough to South Wales two years ago, Wood has featured 72 times across all competitions for the Swans.
Southampton 'on the verge' of Wood signing
After supposedly having two approaches for Wood batted away during last year's summer transfer window, Southampton are finally set to secure the services of the defender, according to Football Insider.
The report claims that the Saints have had a £5m bid for the 22-year-old accepted by Swansea, who will reluctantly allow the youngster to depart prior to the 2024-25 term.
It is understood that Wood will now undergo a medical on the South coast, where he will be unveiled as a Southampton player this week, all being well in the physical examinations.
The centre-back's contract at the Swansea.com Stadium was originally meant to expire this summer, however Luke Williams's side triggered a one-year extension in the terms, allowing them to earn a transfer fee on Wood's impending Premier League move.
Swansea are also said to be close to losing the services of striker Jerry Yates, who is edging towards a loan switch to newly-promoted Derby County.
Russell Martin's men
After bouncing back to the Premier League at the first attempt last season, Southampton are now on a quest to retain their top-tier status, something that the three newly-promoted sides of 2023-24 all failed to achieve.
The Saints have recruited a pair of experienced heads at the beginning of the summer window, with Charlie Taylor and Adam Lallana arriving from Burnley and Brighton & Hove Albion respectively.
Although the arrival of top-flight stalwarts will be welcomed, it is also important that Southampton plan for the long term, and the imminent signing of Wood is a step in the right direction in that respect.
The 22-year-old has been a regular at Championship level for two seasons and looks ready for the step up to the side managed by Martin, who signed the centre-back while at Swansea in 2022.