Jackett confirmed that newly promoted Wolves tabled a bid for the New Zealand international, but were unable to match Premier League new boys Leicester's valuation of the 22-year-old.
The former West Brom man has been linked with a host of other Championship clubs and Jackett conceded that he is unlikely to move to Molineux.
"It looks like that deal is passed now and we are moving on," the former Millwall boss said.
"We didn't get a deal agreed with the club or the player.
"We did make an offer but we haven't settled anything and it looks like we have to move on.
"It is what it is and we have to accept it.
"It is something which has come out publicly which we understand and it's a situation which I was asked about – we did make a bid and were close.
"That one hasn't come off and it looks like we are moving on."
Wood found the net nine times in 20 games after joining Leicester midway through the 2012-13 campaign, but he could only contribute four strikes in 26 apppearances as Nigel Pearson's side romped to the title last term.
