Kerry Wood to undergo knee surgery, says he’ll retire if Cubs don’t re-sign him

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Kerry Wood has been shut down for the remainder of the season with a torn meniscus in his left knee, which he’ll have surgery to fix next week.

Wood will have plenty of time to get healthy by spring training, but told Bruce Levine of ESPN Chicago that he’ll retire if the Cubs don’t want to bring him back in 2012.

Wood took significantly less money to sign with the Cubs this offseason, choosing a one-year, $1.5 million over much bigger offers from several teams, including the crosstown White Sox.

Presumably the Cubs would love to have him back for similar money next year after he threw 51 innings with a 3.35 ERA and 57/21 K/BB ratio setting up Carlos Marmol.