Rovers are hoping to land the Sunderland forward, who has been unable to make an impact for the Black Cats in the Premier League this season.
It goes on to state that Sheffield Wednesday have expressed their interest in the 25-year-old Scot, who has been one of the most consistent strikers in the Championship for several seasons now.
Graham would not be a permanent solution to selling Rhodes, but he would help make up the numbers, and still leave them with cash to spend on the rest of the team.
Blackburn are in 18th position in the table, while Wednesday are in sixth place, with a genuine shot of finally winning promotion back to the Premier League.
Rhodes scored last night in Blackburn's FA Cup clash away to Newport County.