The winger is out-of-contract at the Iron this summer and was linked with the Robins as the transfer window drew to a close.
A fee had been agreed for the former York City player to move to Ashton Gate, shortly after they completed the loan signing of former Iron Andy Keogh.
"We've agreed fee with Scunthorpe but it is a deal that is a bit of a comedy to be honest,'" said City boss Keith Millen.
"I understand that they dont want to lose their best player as they are fighting relegation, but I think Scunthorpe know it's a good deal and the lad is desperate to come to us.
"It is one that could go right down to 11pm, we will have to see. We are really just waiting for that phone call to say he`s coming down here."
The Iron's first choice to replace Woolford would be the Oldham Athletic winger Chris Taylor, who they made an approach for last week.