Wood has made 10 appearances for the Owls this season
Sheffield Wednesday have placed defender Richard Wood on the transfer list after he rejected the club's latest offer of a new contract.
The 24-year-old, who had a transfer request turned down last year, is out of contract this summer.
Manager Brian Laws told BBC Radio Sheffield: "Richard and his agent believe he should be the highest paid player at the club, we can't pay that."
The club's longest-serving player was unavailable for comment.
Laws said talks have been taking place for several weeks about a new contract.
Wood made his Owls debut as a 17-year-old at Brighton in 2003, having come through the Wednesday academy. Last season he was the first team captain.
He had a transfer request turned down before the start of last season after Coventry City made enquiries about him.
"Lets get it out in the open and let's see what we can get for him as quickly as we possibly can so maybe I can get some money and replace him," Laws said.
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