Ternent was hopeful that Manchester United would let Wood stay on after he impressed in his short time at the club, and that wish has been granted with the versatile midfielder handed a two-month extension.
"Once again I'm grateful to Sir Alex Ferguson for allowing Neil to stay for another two months," said Ternent.
"It means we have him until the end of April, when we will only have two games left to play, so that's good news."
However, two other players who were brought in on loan look set to return to their clubs - after failing to capture first team places.
Bradley Orr from Newcastle started at the weekend against Millwall, but the form of Tony Grant and Richard Chaplow has limited his chances.
Charlton goalkeeper Paul Rachubka has yet to come off the bench, and it appears both The Addicks and Newcastle will bring their respective players back.
This leaves Ternent with a real headache with his squad already limited due to the financial constraints at the Division One club.
The failure of Rachubka and Orr to make an impact means that the manager has just one loan slot to use for the remainder of the season - and Ternent will have to choose carefully with The Clarets still not clear of the relegation dogfight.
