In this paper, a model predictive control scheme for wind farms is presented. Our approach considers wake dynamics including their influence on local wind conditions and allows the tracking of a given power reference. In detail, a Gaussian wake model is used in combination with observation points that carry wind condition information. This allows the estimation of the rotor effective wind speeds at downstream turbines, based on which we deduce their power output. Through different approximation methods, the associated finite horizon nonlinear optimization problem is reformulated in a mixed-integer quadratically-constrained quadratic program fashion. By solving the reformulated problem online, optimal yaw angles and axial induction factors are found. Closed-loop simulations indicate good power tracking capabilities over a wide range of power setpoints while distributing wind turbine infeed evenly among all units. Additionally, the simulation results underline real time capabilities of our approach.