Leeds manager Thomas Christiansen brought in 16 players during the summer transfer window.
Lasogga was a deadline day signing from Hamburg on loan after Leeds had sold Wood to Burnley.
The Clarets picked up New Zealand international Wood for £15million after Leeds had rejected a £12m offer.
But Johnson reckons the West Yorkshire club could have got more for last season’s top scorer, although Lasogga is a good replacement.
“The player I’m most excited to see is Pierre-Michel Lasogga from Hamburg,” he told Bwin.
“He’s been highly thought of and sounds like an exciting player.
“Sixteen players is a huge turnaround in the squad. They lost Chris Wood, who was top goalscorer and a key player for them, so Lasogga is one that needs to hit the ground running.
“Kemar Roofe has come in and is scoring for the club, which is exciting as well.
“Goalscorers are a high premium nowadays and with this market, Chris Wood didn’t go for as much as he could have.
“He was the leading goalscorer in the Championship and we’ve seen players go for bigger money who have scored less, so I think Leeds could have got more money. If he scores regularly for Burnley, then £15million will be a snip.”
Wood’s move to the Premier League contributed to the £1.4bn the top flight clubs spent on players in the summer transfer market.
And Johnson, himself a £7m signing from Derby when he joined Leeds in 2001, says the pressure of the transfer fee can get to some players.
Leeds United announce signing of Lasogga on loan from Hamburg
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“Transfer fees definitely are, but I don’t think wages are. The top players need to be paid top dollar,” he told Bwin.
“With Alex Oxlade-Chamberlain, he went for less money to play in centre midfield regularly.
“I’m sure the players see the headlines and people criticising them for being on such wages and like myself when I was signed at Leeds, it’s difficult to read but you just concentrate on backing it up.
“I had it easier because of the lack of social media, but nowadays it’s relentless and can have an effect on players.”