Schlitter, 25, was 0-1 with a 12.38 ERA in seven Major League relief appearances with the Cubs last year. He went 2-1 with 13 saves and a 3.15 ERA in 37 relief appearances with Triple-A Iowa.
The right-hander was acquired from the Phillies in August 2008 in the Scott Eyre trade.
The Cubs' 40-man roster is at 40 with Wood's addition. He agreed to a one-year, $1.5 million contract to return to Chicago.
Carrie Muskat is a reporter for MLB.com. She writes a blog, Muskat Ramblings, and you can follow her on Twitter @CarrieMuskat This story was not subject to the approval of Major League Baseball or its clubs.