How can I fix my table leg?

My table legs are fixed to the tabletop by two bolts. The bolts screw into two metal fixings within the table leg. The wood on one leg has broken around the fixings and they are now completely free of the leg. What is the best way to fix this. I have the broken piece of wood. Should I use wood glue and a clamp and if so what kind of clamp am I lookin for. Is wood glue a suitable adhesive to secure the bolt fixings back into the wood. Am I on the right lines or is there a better solution.