Wood has been in stunning form for Leeds this season.
The 25-year-old has scored 20 goals from 31 games to fire the Whites to third in the Championship table.
His impressive displays have seen him linked with a shock move to the Chinese Super League.
The Sun claimed Tianjin Quanjian were determined to bring him to the Far East after missing out on Chelsea striker Diego Costa.
Garry Monk has been told he must offer Chris Wood a new deal
Sports Analytics Machine (SAM) predicts the final Championship table
Thu, January 26, 2017
Express Sport brings you the final Championship table predicted by Sports Analytics Machine (SAM)
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Sports Analytics Machine (SAM) has predicted the final Championship table
And Ritchie believes Leeds must splash the cash to keep their star man.
“20 goals for the season is absolutely brilliant at this stage,” Ritchie told the Yorkshire Evening Post.
“And who’s to say he won’t go on and reach potentially 30 goals this season.
“It’s definitely possible, unless he gets injured, and I don’t want to jinx that. Hopefully he has had his injury which was earlier on in the season.
Chris Wood has scored 20 goals for Leeds this season
“But he’s showing what he can become and to score 20 goals or more at Championship level is a feat in itself because it’s a tough, tough league. He must be worth double figures now in terms of millions.
“People might just reserve judgment a little bit until the end of the season but I’d be surprised if Leeds hadn’t had any enquiries already.
“He’s not a one-hit wonder, he has had a few goals but this is by far his best season and I think there will be a lot of people scanning him at the moment, I don’t doubt that at all.
“But Leeds have got to make sure they keep him, even if that means maybe opening talks on a new deal. It might need that.”