The 20-year-old has joined Millwall on loan until 20 November.
He told the club website: “I’m not in the first team picture at West Brom so I’m dying to start playing regular football again.
“In January I will give some thought to my longer-term future. I’m looking forward to playing for Millwall.”
Wood had spells on loan at Birmingham and Bristol City last season.
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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.