Wood immediately called 911 to report the body, the Tribune reported, citing a police report.
The Tribune reported the victim as a 40-year-old man who was wearing an identification tag on his left wrist that led authorities to discover that he had been reported missing by a nursing home after being released by a hospital on June 19.
Wood retired from the Cubs in May 2012 after spending parts of 13 seasons in Chicago. He still lives in Chicago and worked for the Cubs as an instructor during spring training.
Attempts to reach Wood were not immediately successful.
ESPNChicago.com's Bruce Levine contributed to this report.