Rooney was sent home from the club’s tour of Asia this week with a hamstring problem, leading to renewed speculation over his future with the Premier League champions.
The England international still has two years remaining on his current deal at Old Trafford and Woodward insists the club are in a position to let his deal near its end before offering a new one.
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"I am not sitting down with any player on an extension and there is no trigger date in the diary.
"Would we be afraid to run a contract down? Of course not."
Rooney continues to be linked with summer moves to Arsenal, Chelsea, Real Madrid and Paris Saint-Germain, but United and new boss David Moyes are adamant that the 27-year-old is not for sale.
"On Wayne Rooney it’s quite simple – he’s not for sale," Woodward added. "That won’t change even if anyone comes in for him because he has two years left on his contract.
"I’m not surprised it’s being reported that clubs like Chelsea and Arsenal want him because he’s a top player. But he’s not for sale and we won’t be selling him.
"He’s a brilliant player who is 52 goals away from being the club’s top goalscorer, beating one of the biggest legends in the game in Bobby Charlton."