The pact is worth $3 million, with an additional $3 million in performance bonuses, according to Alex Pavlovic of NBC Sports Bay Area.
Wood owns a career 3.45 ERA and 1.23 WHIP across eight seasons in the majors. He was a member of the World Series-winning Los Angeles Dodgers in 2020.
The 30-year-old earned an All-Star berth in 2017, during which he registered 16 wins with a 2.72 ERA for the Dodgers. He finished ninth in National League Cy Young voting that season.