Wood was ruled out of the ongoing second test in Brisbane after pulling up sore following Australia's eight-wicket win in the series-opener in Perth.
The 35-year-old had a brace on his left knee on day one of the Gabba test on Thursday and told Australian broadcaster Seven Network that he might not be fit until the fourth test in Melbourne from December 26.
"I think there's a chance there (for Adelaide). More realistically, it's probably more Melbourne and then (Sydney) after that," he said.
"I need to get out of this (brace) first to get moving around."
Spin-bowling all-rounder Will Jacks replaced Wood in an otherwise unchanged England XI at the Gabba.
England trail 1-0 in the five-test series.