Wood, who was out for nine months when he underwent surgery for an injury on the same knee, played his first Test since August 2024 in Perth last week, bowling 11 overs across both innings and taking no wickets as England suffered a swift eight-wicket loss inside two days.
The 35-year-old told Fox Cricket during the first test that he would definitely not play all five matches in the Ashes series.
"I think it just depends. I think just review it after every game," Wood said.
The second Test, a pink-ball affair, begins in Brisbane on Thursday.