Sheridan missed last weekend's defeat to South Africa with a neck injury, while Palmer left the field early during the 42-6 defeat to the world champions after experiencing problems with his calf.
Leicester lock Kay, a World Cup winner in 2003 when he partnered England team manager Martin Johnson in the second row, would be making his 61st international appearance if he plays against the All Blacks.
Gloucester's Wood currently has four Saxons caps to his name but the 25-year-old is yet to appear in senior England colours.
Saturday's loss to the Springboks now means the match against New Zealand takes on even more importance as England will have to record a victory to be among the top seeds for the 2011 World Cup draw which takes place on Monday.
Argentina currently occupy fourth spot in the IRB rankings but England would overtake them with a win over the All Blacks.
Failure to do that would mean Johnson and his squad would face at least one of the Pumas, All Blacks, Wallabies or Springboks in the group stages of the 2011 tournament in New Zealand.