With Stuart Broad, Jofra Archer and Chris Woakes already missing the series due to injuries and Ben Stokes taking an indefinite break to focus on his mental well-being, England fielded a depleted team, and now Wood, too, could join the list of absentees.
Labuschagne is expected to bat at number three, with Smith to return to his favoured number four slot.
England are desperate to win the final Ashes Test against Australia despite a series victory no longer being possible.
Australia retained the Ashes after the fourth Test at Old Trafford was drawn on Sunday with no play possible on day five due to rain, leaving England trailing 2-1 in the series with one match to play.
Australia great Ricky Ponting has weighed in on the David Warner selection debate and thinks Australia should stick with the opener.
'It was nice to have a bit of a break.'
Images from Day 4 of the third Test Ashes Test in Leeds on Sunday.
Mitchell Marsh won the prestigious Allan Border Medal at the 2024 Australian Cricket Awards
England vice-captain Moeen Ali expects The Oval pitch to turn a bit later in the Test, starting Thursday.
Images from Day 1 of the third Test between England and New Zealand at Headingley on Thursday, June 23, 2022.
At stumps, England were on 120/0 and the hosts have extended their lead to 42 runs with Burns (52*) and Hameed (60*) currently unbeaten at the crease.
Australia finished the 2021-23 WTC cycle on top of the table, their only loss being the 2-1 away defeat to India earlier this year.
'Ultimately, (Australia captain) Pat Cummins is a really great guy and I would be amazed, once the emotion settles, if he does not sit back and think, 'I got that one wrong', even though his bottom line at the time was winning a Test match.'
In the cold light of defeat and without Smith's large shadow, Australia's batsmen have nowhere to hide and most head to Old Trafford in dire form.
Australian media hailed Pat Cummins' batting heroics as the final blow of a "rope-a-dope" strategy that delivered a thrilling two-wicket win over England
Australian bowler Josh Hazlewood who missed the third Ashes Test and is set to return to the side in the fourth Test match against Australia, said that he was underprepared for the World Test Championship (WTC) final.
Former Australia captain Ricky Ponting described Aussies skipper Pat Cummins' captaincy as "old-fashioned" as he set fields and unravel plans over a long period of time.
'Though Indian wickets are falling in quick succession, but the fans are not disheartened.'
'I've seen some remarkable cricket moments in my life but that is the best I've seen in over 50 years. @benstokes38 saved the Ashes and gave magical inspirational innings. Even better than his World Cup performance. Well done @ECB_cricket'
Rain can be an ally for England, says Stokes ahead of decisive fourth Ashes Test
Left-arm pacer Mitchell Starc was not part of the first Test against England, which Australia won by two wickets.
Lyon had suffered a "significant calf tear" while fielding on day two of the second Test that Australia won by 43 runs
Australia captain Pat Cummins admitted his team had endured an uncomfortable time before winning the second Ashes Test against England at Lord's.
England all-rounder Ben Stokes has taken an indefinite break from all cricket with immediate effect to prioritise his mental wellbeing and continue his recovery from an injury to his left index finger.
'The nadir came in that hour and 20 minutes before lunch on the fifth day of the second Test, which must rank among the worst stuff I've seen from an England Test team in years.'
The competition involves the nine top-ranked Test nations competing in a league between July 2019 and April 2021, with the top two sides progressing to the final which will be held in England in June 2021.
Moeen cautioned that the team cannot solely rely on him, especially when there are other talented players in the squad.
Captain Joe Root said conditions at Old Trafford should suit the 6 foot five tall Craig Overton.
In all likelihood, vice-captain Ajinkya Rahane would get another chance but over the past two years, his inconsistency has hurt this team badly.
All-rounder Ben Stokes returns to England's squad for the first two Tests against India next month after he missed the two-match series against New Zealand in June following a finger injury he sustained during the Indian Premier League earlier this year.
All-rounder Chris Woakes said he believes England can chase down a record target of 368 on the final day in the fourth Test on Monday as the pitch remains good for batting.
England batting coach Graham Thorpe said they will not give up hope of saving the third Test against Australia, but a woeful batting display from the hosts on Friday left them with a mountain to climb to regain the Ashes.
Who do you think should be part of India's playing XI in the fourth Test against England?
Rohit Sharma has overtaken captain Virat Kohli to become the top-ranked Test batsman from India.
Former ICC elite umpire Simon Taufel said people cite the 'spirit of the game' when they don't like a dismissal under the laws of cricket.
Sri Lanka fast bowler Dhammika Prasad has been ruled out of the first Test against England at Headingley starting on Thursday.
Archer produced a sustained period of aggressive fast bowling in both of Australia's innings in the drawn second Test at Lord's, felling both Steve Smith and Marnus Labuschagne.
What set Stokes' innings apart was not just how he handled the responsibility as England's only hope of salvaging the series, but just how he built his innings over two days.
David Warner has been under pressure after a poor run of form with the bat but returned after injury to the 17-man squad for the June 7 WTC final against India at The Oval and the first two Ashes Tests.
England need to prove their critics wrong following the crushing defeat to Pakistan in the opening Test at Lord's last week by targeting a quick turnaround to salvage a draw in the two-match series, skipper Joe Root said.
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