Butt, 47, left his coaching job at United last year and Scholes, also 47, was manager at Oldham in 2019.
Now they will move from the boardroom to help Wood, 39, on a regular basis.
Wood, who replaced Gary Bowyer, is another former United academy graduate - although he never made a senior appearance for the Red Devils.
He said, “I'm very excited for the challenge, I think it's going to be really good going forward, it's going to be a new challenge for me but one that I'm looking forward to.
“I've spent a lot of years coaching, I've been a head coach for the last three years at Manchester United and this was naturally my next progression so it's an exciting time."
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