Celtic boss Ronny Deila says keeping his best players will take priority over acquisitions in the transfer window.
Chelsea striker Fernando Torres is understood to be set for a return to Atletico Madrid, according to Sky sources.
Wood has attracted a host of admirers since joining the Lions on loan and took his tally for the season to 10 goals with a brace in the 2-2 draw at Brighton on Tuesday night.
Seagulls boss Gus Poyet is among those monitoring the 21-year-old, who is expected to leave West Brom permanently in the new year.
Jackett will do his best to hang onto Wood but admits there is no guarantee the New Zealander will remain at The Den.
"I'm sure that Chris wants to stay. We are keen on him but we will have to see how it develops.
"I know that he likes it at Millwall. He has been playing and has been first choice.
"He is with us at present and his second goal against Brighton was an absolute screamer. It's tough for him and he tired towards the end but we need to support him the best we can."