Wood's surgery will take place Tuesday in Los Angeles.
Wood, 28, had arthroscopic surgery on his right shoulder last Aug. 31 and was not expected to be ready for the start of this season. He's thrown off the mound a couple of times in spring training, testing his shoulder.
An All-Star in 2003, Wood was 3-4 with a 4.23 ERA in 21 games last year. He was slowed by injuries all season, missing about three months while going on the disabled list three times.
After a 15-8 victory Friday over the Seattle Mariners, Cubs manager Dusty Baker said he was optimistic about Wood this season.
"It's better now than later," Baker said. "He's been working out real hard on his lower half all winter, so fortunately this is the time of year when he shouldn't be set back too far."
Wood threw on the side Friday and will do so again Monday before his surgery, Baker said.
"It's just the last few days that he's been complaining that he can't run," Baker said. "Hopefully, it won't be too long. It doesn't appear too serious."
Wood has been on the disabled list nine times in a professional career that began in 1995 after he was the fourth player chosen in the draft. He is 70-54 with a 3.67 ERA and 1,286 career strikeouts in 1,109 innings.