Newcastle, who were taken over by wealthy Saudi Arabian owners in October, are set to splash the case in January with the club battling relegation.
The Magpies have already secured a deal for Atletico Madrid’s England international full-back Kieran Trippier.
And Wood is set to follow him to St James’ Park, joining Newcastle from fellow relegation battlers Burnley.
New Zealand international Wood has netted 49 goals across the past four-and-a-half seasons in the Premier League with the Clarets.
Newcastle have lost forward Callum Wilson for two months with a calf injury, with Wood to replace him as they bid to avoid the drop.
Wood will undergo a medical on Wednesday with Newcastle willing to meet Burnley’s 25 million pound release clause.
Barca had been shipping Coutinho around as they seek to ease their salary burden, with the ex-Liverpool forward returning to England after undergoing a medical and obtaining a work permit.
Villa can make the deal permanent in the off-season for around 33 million pounds. Coutinho knows Gerrard well from their time together playing at Liverpool.