Wood will retire after 14 seasons with three different teams, ESPN.com reports. The 34-year-old has struggled this season in his second go-around with the Cubs as he battles injuries and inconsistencies.
The Chicago Tribune reports that Wood will make the announcement after the Cubs' game with the White Sox on Friday afternoon, and he could still make an appearance out of the bullpen in the opener of that series.
When Wood came up with the Cubs in 1998 as a 21-year-old, he was a can't-miss prospect. Wood elevated that status (and those expectations) to stratospheric levels early that season when he struck out 20 Houston Astros in a game that April.
He ran away with the Rookie of the Year award that season after a 13-6 record and 233 strikeouts in just 166 2/3 innings.
However, Wood missed all of the '99 season with an injury, a disturbing trend that followed Wood throughout his career, never allowing him to live up to his full potential.