Wood, a native of Honolulu, Hawaii, moved to the Volksparkstadion from second-tier outfit Union Berlin for a fee of €3.5m in July 2016 and made enough of an impression in his maiden season to warrant an improved deal with the North German club.
“Bobby is a modern, young striker who made the step up from the second division to the Bundesliga with us without any major difficulties,” Hamburg sporting director Jens Todt told the Bundesliga website.
“It’s not only his goals that count for us, but also his willingness to cover ground and put in the effort. Bobby’s a key figure in our attack and is a real team player.
“We’re delighted that he wants to continue his development with us and that he’s extended his contract.”
The 24-year old, now a full United States international with 32 caps and 8 goals under his belt, has never played professional club football outside of Germany, having signed for 1860 Munich at the tender age of 14.
He spent four years on the fringes of the then-Bundesliga club, making 50 appearances and scoring three goals before moving on to Union Berlin ahead of the 2015/16 season.
His first, and only, campaign with the Eiserne was a remarkably successful one, scoring 17 goals in 31 appearances and earning him a transfer back to the Bundesliga with Hamburg.
Back in the top-flight, Wood immediately made an impression by opening the scoring on his debut in a 1-1 draw with Ingolstadt and went on to contribute a further eight in all competitions for Die Rothosen.