Schmeichel has not featured for the Premier League's bottom side since early December, after breaking a bone in his foot during training.
Wood, meanwhile, made his last appearance in the FA Cup third-round win over Newcastle United on January 3, but has struggled with an ankle problem in the meantime.
"Kasper has stepped up his training and is coping very well," said manager Nigel Pearson, ahead of their trip to Everton on Sunday.
"He is not ready to play just yet but he is doing very well.
"Once again we have the vast majority of the squad available which is always important.
"Chris Wood is back in training and hopefully he will be available before too long.
"I give consideration for every position and weigh up what is best for us as the club.
"We have a very competitive squad who are supportive of each other and whatever side I choose to play I expect them to go out and perform to the best of their abilities."
It was also confirmed on Friday that Garry Taylor-Fletcher had joined Championship side Millwall until the end of the season.
