North Melbourne announced Black's withdrawal via its club Twitter account on Friday morning.
After an injury-plagued first season with North in 2013, Wood has played in the Roos' opening NAB Challenge game against Carlton.
The 20-year-old is a 192cm lead-up forward who has impressed with his work ethnic and endurance this pre-season.
The former Geelong Falcon should push to make his debut this season.
Twitter: @AFL_Nick