Blackburn Rovers are looking for around £12 million for their striker, and the Owls are hopeful of doing a deal.
Blackburn have recently signed Danny Graham on loan from Sunderland, and there are suggestions that the 30-year-old has been brought to Ewood Park as Rhodes’ replacement.
Wednesday are determined to strengthen their squad in January, as they look to ensure they get promoted.
So far Carlos Carvalhal’s side have brought in Jack Hunt from Crystal Palace, and they have also tied down a number of their players on long term contracts.
The Yorkshire side are expected to also bring in Gary Hooper from Norwich City in the coming days, but they are still eager to sign Rhodes.
The former Huddersfield Town striker has been one of the Championship’s most prolific strikers for a number of seasons, and Wednesday feel that his addition would be highly valuable.