Wood, 26, has had two operations on his left ankle since injuring it against Pakistan in Dubai in October.
The Ashes winner, who has taken 25 wickets in eight Tests, returned in June for Durham against Sri Lanka A.
England are preparing for the first Test match against Pakistan, which starts on Thursday.
The Lions will play a 50-over tri-series against Sri Lanka A and Pakistan A, beginning on 18 July at Cheltenham.
Meanwhile, Middlesex's Max Holden will lead England under-19s against their Sri Lankan counterparts in a series of two four-day matches and three one-day games.
England Lions squad: Dawid Malan (Middlesex, captain), Daniel Bell-Drummond (Kent), Ben Duckett (Northants), Joe Clarke (Worcestershire), Brett D'Oliveira (Worcestershire), Sam Billings (Kent, wk), Liam Livingstone (Lancashire), Liam Dawson (Hampshire), Tom Curran (Surrey), Jamie Overton (Somerset), Saqib Mahmood (Lancashire), George Garton (Sussex), Mark Wood (Durham), Sam Curran (Surrey, last two matches only)
Tri-series fixtures
18 July, Cheltenham - Pakistan A v Sri Lanka A
19 July, Cheltenham - England Lions v Pakistan A
21 July, Northampton - England Lions v Sri Lanka A
22 July, Northampton - Pakistan A v Sri Lanka A
24 July, Canterbury - England Lions v Pakistan A
25 July, Canterbury - England Lions v Sri Lanka A
England under-19s squad: Max Holden (Middlesex, captain), Josh Dell, Zen Malik, Josh Tongue, Ben Twohig, Ollie Westbury* (all Worcestershire), George Hankins (Gloucestershire), George Bartlett, Dom Bess**, Ben Green** (all Somerset), Ollie Pope (wk), Amar Virdi* (both Surrey), George Panayi* (Warwickshire), Aaron Beard (Essex), Ed Barnes (Yorkshire), Josh Coughlin* (Durham), Tom Moores** (wk), Jack Blatherwick** (both Nottinghamshire)
* Four-day matches only ** One-day matches only
Fixtures
21-22 July, Loughborough - England under-19s v Unicorns
26-29 July, Cambridge - England under-19s v Sri Lanka under-19s
3-6 August, Northampton - England under-19s v Sri Lanka under-19s
10 August, Wormsley - England under-19s v Sri Lanka under-19s
13 August, Chelmsford - England under-19s v Sri Lanka under-19s
16 August, Canterbury - England under-19s v Sri Lanka under-19s
Durham fast bowler Mark Wood trained with England at Lord's on Tuesday after being added to the Lions squad as he steps up his recovery from injury.