The report claims the Scottish front-man is manager Stuart Gray’s first choice and the Owls’ new owner Dejphon Chansiri is prepared to sanction a big-money move for the 25-year-old.
Rhodes has scored 65 goals in 131 games for Blackburn, including 13 in 35 appearances this season.
He previously netted 82 goals in 144 appearances for Huddersfield Town and he has also scored three times for Scotland.
Rhodes is now at an age where a move to a top-flight club would not be a surprise, but it appears that Wednesday are hoping to make their move before ultimately heading back to the Premier League with Rhodes in their squad.
Wednesday’s defence has impressed this season, with Saturday’s 1-0 win against Blackpool seeing them keep their 18th clean-sheet of the campaign. But if they had Rhodes at the opposite end of the field, he may be able to fire them back to the summit of English football once more.