Wood has previously played nine times in the Premier League, twice as a teenager in 2009/10 for West Bromwich Albion and seven times in 2014 for Leicester City.
He said it has been his ambition to return to England's top flight.
"My ambition has been to play in the Premier League for years," Wood told Clarets Player HD.
"I've had tastes of being in there but I've never had the chance to give it a proper bash.
"Coming here I feel I've got a proper opportunity to do that. I've never started a Premier League game and this what I want to do.
"This is a club that wants to stay in the Premier League for years to come and it's going that way," Wood said.
PREMIER LEAGUE KIWIS
198 appearances - Ryan Nelsen (Blackburn Rovers, Tottenham Hotspur, Queens Park Rangers; 9 goals)
151 - Winston Reid - (West Ham United; 6 goals)
12 - Simon Elliott (Fulham FC)
9 - Chris Wood (West Bromwich Albion, Leicester City; 1 goal)
5 - Danny Hay (Leeds United)
3 - Lee Norfolk (Ipswich Town)
- AAP