The mystery man could be in place for next Tuesday's home game against Shrewsbury.
"We have got another person in mind and we shall be approaching him," Knight revealed.
"I hope to get somwhere on that in the next few days, but I cannot comment further."
Wood's sacking comes 24 hours after former Albion midfielder Kieran O'Regan suffered the same fate at Halifax.
O'Regan was axed, despite steering last season's Vauxhall Conference champions into play-off contention.
Albion are currently seven points above bottom club Hartlepool with six games to go.
Knight, now hunting for his fourth manager since taking control of the club 18 months ago and the Seagulls' SEVENTH in just over five years, has put director of youth Martin Hinshelwood in temporary charge for tomorrow's visit to Plymouth Argyle.
He has been helping Wood out with the first team.
"I am gutted, because Jeff is a nice fella," said Hinshelwood. "It's a big disappointment.
"He worked ever so hard with Steve Gritt, then Brian Horton. When he got the opportunity to be the number one he wanted to give it his best shot.
"At the end of the day in football unfortunately it is results that matter and that has been his downfall."
It could be a case of deja vu for Hinshelwood. Barry Lloyd's former assistant was in charge for one game, a 2-2 draw at Hartlepool, in his first spell with the Seagulls when Lloyd was sacked in December 1993.
Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.
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