The bassist insisted that the band owe it to themselves and their fans to play live in celebration of their 50th anniversary this year.
Talking about a potential tour, Wood told the Radio Times: "Be lovely, wouldn't it? That's what we're on the verge of.
"I dunno what the hell is gonna happen yet but we all feel we owe it to ourselves and to the people to do something."
He added: "Basically, get the boys feeling comfortable with each other, 'cause we're all ready to go individually. It's just a matter of tying up loose ends and coming together as a unit."
Wood recently confessed that he has been approached to play the London 2012 Olympics with the Rolling Stones and The Faces.
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Watch the Rolling Stones perform 'Wild Horses' below: