Wood will be named as head coach with the former Bafana Bafana ace Fortune to be his assistant.
Since Ricky Sbragia departed the club in May, the Red Devils have been on the lookout for a suitable replacement.
The 36-year-old Wood came through the ranks of United but never earned a senior appearance.
He went onto play for Coventry City and Oldham Athletic before returning to the Reds in 2014 as an academy coach.
Meanwhile, Fortune clocked in 126 appearances during his six years as a player between 1999 and 2005.
The 42-year-old previously served as assistant manager of Cardiff City’s Under-21 side during current United manager Ole Gunnar Solskjaer’s reign at the Welsh outfit.
Fortune has also spent time with Bafana Bafana as Stuart Baxter's European-based assistant coach.
The South African is a frequent football pundit on MUTV (Manchester United TV).