Chris Wood will be moving to Newcastle after undergoing a medical.
After triggering a release clause, the club hope to complete a deal for the forward on Wednesday, with a large bid for a replacement for Wilson who is out for two months with a calf injury.
Sky Sports News has been told that Wood will sign a deal with the club that will keep him there until at least the summer of 2025.
Wood had a clause in his contract that allowed him to leave if a specific fee was tabled, but he is still a key player for the Clarets.
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Eddie Howe says that the lack of effort cost them in their FA Cup defeat against Cambridge.
The New Zealand international, who has three goals for Burnley this season, could be in the starting line-up for Saturday's match as he has vast experience of playing in the premier league.
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The January window could see two new strikers sign for the club, with negotiations ongoing for a deal for Hugo Ekitike.
There are talks for Ekitike.
Hugo Ekitike is also being targeted.
The English side made an informal offer for the France U20 international, but it was not enough to match the valuation of the French club.
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There are talks for Ekitike.
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Two unnamed Premier League clubs are interested in the forward, but the Magpies are expected to make a formal offer.
In 17 appearances this season, Ekitike has scored eight goals and registered three assists. The 19-year-old can play on the left side.
Wood must be signed before the game.
Paul Merson says that Chris Wood needs to be signed by Newcastle before Saturday's game against Hornets, with top scorer Callum Wilson facing eight weeks out with a calf injury.
Merson told Sky Sports that they have to take a chance and hope someone can hit the ground running. Wood plays in the premier league and is not prolific, but he plays every week.
He will be fine in this league. He will run through a brick wall for you.
Wilson will be out until March with another injury.
That's what they need. They need the likes of Trippier and Wood. They need players who are going to roll their sleeves up and not be shocked by how fast the league is.
I worry for Newcastle. It was a shocking result against Cambridge.
Wilson is back in eight weeks, but you can't wait for him. You have to bring someone in. Time is running out for the team.
They need a goal scorer to play on Saturday. Someone has to be brought in. They cannot wait until after the game on Saturday.
They can't say they are in no hurry, and if they lose to the Hornets they will be in a lot of trouble. They will be in more trouble than they are currently in.
The panic is on because they have to bring a forward in. This is the cup final. They are not winning this game without someone. They have to take a chance and it is going to be a panic buy, but they have to do something.
The Wood replacements are being targeted by Burnley.
Should Wood complete his transfer to fellow strugglers, the Clarets are said to have two targets in mind to replace him.
Maxwel Cornet is the top scorer for the team.
After Wood's release clause was met, it was no longer possible for the Clarets to sell him.
The two players who are being looked at to replace the New Zealand international are both based abroad. Versatile players that can play across the frontline are what the Clarets are targeting.
The signing of Maxwel Cornet, who has six goals in 13 games since signing from Lyon last summer, is an example of the club moving away from their traditional profile of player towards a more dynamic and flexible attack.
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Sky Sports has a January transfer window.
Who will be moving in January?
The January transfer window closes at 11pm on Monday January 31.
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