The guitarist said that he is talking with the sporting event's organisers to play both the opening and closing ceremonies with The Rolling Stones and The Faces.
Speaking at the Elle Style Awards, The Sun quotes Wood as saying: "We've got more meetings, everyone wants to do it.
"I've been asked to do the opening ceremony with the Stones and close the games with The Faces. I've got to be the first bi-athlete musician."
However, Wood joked that rehearsing for both Olympic ceremony slots will only add to his already very busy year.
He added: "I'm busy with The Faces getting inducted into the Hall of Fame in April and then art exhibitions this year. Then there's my Sky Arts programme, which is the radio show televised in HD.
"There's plenty of music on the table, but it's just a matter of choosing which one to go with."
The Beatles drummer Ringo Starr recently called on The Rolling Stones to reunite for a tour in honour of their 50th anniversary.
Watch The Rolling Stones perform 'Wild Horses' live below: