Millwall chairman John Berylson stated there was now a take-it-or-leave £1million offer for Wood, warning Albion they risked making themselves look 'stupid' if another club failed to match that bid.
He said: "They told us £500,000 and I said fine. They said £1 million and I said fine. So I've gone for it already - I'm done. That's it. For us, it's a take-it-or-leave-it offer. We're not going to increase it but I'm sure West Brom are thinking about an auction.
"If we take our bid off the table, which is worth well over £1million - that's not including a sell-on clause either - and West Brom end up selling him for half that in the future, they will look stupid.
"That's their biggest danger really, looking stupid. I know Huddersfield are in there but Chris has a flat in London."