The report claims that former Aston Villa boss Lambert wants to rebuild the squad at Ewood Park and knows Rhodes is the team’s most valuable asset with a price tag of £10 million.
Rhodes joined Blackburn from Huddersfield Town in 2012 and has been the club’s top scorer for the past three consecutive seasons, breaking the 20-goal mark in each campaign.
The 25-year-old has nine goals in 24 league matches this term, taking his overall league tally in Blackburn colours to an impressive 82 goals in 158 Championship games.
Despite his prolific strike rate in-front of goal, Rovers have struggled to make headways in the second tier and this season Paul Lambert’s men find themselves drifting further away from the top six.
With cash seemingly tight, sacrificing Rhodes via a big-money sale could be the only option Lambert has in terms of having necessary funds to mount a rebuilding job.
Wednesday and Boro both have the finances to make a deal happen, though spending an eight-figure fee on one player in the Championship is a big risk to take regardless of their position in the table.
Boro currently top the table and look in good shape for promotion, whereas the Owls are currently occupying the final playoff position and will see a top six spot as an achievable goal this season.