HITC Sport understands that the Owls are prepared to smash their transfer record in order to land the Scotland international.
The Scotland international has been constantly linked with moves away from Ewood Park in recent years, and Middlesbrough failed with a £14million bid for him over the summer – as revealed by HITC Sport at the time.
Now The Owls are ready to smash their transfer record and strike a deal to take Rhodes to Hillsborough in January.
Portuguese coach Carlo Carvahal feels he can get Wednesday promoted, and Thai owner Dejphon Chansiri is happy to cough up the funds required to bring Premier League football back to Hillsborough.
Wednesday also have the added bonus of having Rhodes’s father Andy on their staff as their goalkeeping coach.
The Owls, who have suffered just one defeat in their last 12 games in all competitions, currently sit ninth in the Championship standings, four points adrift of the play-off places.