The Durham seamer, 25, missed the third Test at Edgbaston with the injury after a laboured display in the second Test, and has never played three consecutive first-class matches in his career.
“Long-term, I think the ankle problem that I’ve got may need some work done to it,” Wood said.
“I’ve never had an operation yet but that might be the case.”
He added: “Everyone saw that [in the second Test] at Lord’s I struggled a bit so I might have to have that operation done.”
Wood is in the squad for the fifth Test against Australia at Lord’s, which starts on Thursday, but could miss out if James Anderson is passed fit, despite taking the wicket that won the Ashes for England in the fourth Test at Trent Bridge.
He finished with match figures of 1-13 in the first innings and 3-69 in the second innings.
“Jimmy’s got 400 wickets and he’s England’s lead bowler,” Wood added. “He had a bowl yesterday and he seemed fine, and if he’s fit and ready to go it looks like he would get the nod.
“It’s out of my hands but I’m going to prepare how I’ve prepared for every other game.”