Rowe was at Scunthorpe on loan earlier in the season, and he impressed during his temporary spell at Glanford Park.
The left-sided player returned to Wolves last month, but he has failed to win his place back in Kenny Jackett’s side.
And Rodwell suggests that Scunthorpe will make an offer for the former Peterborough United man latter on in the transfer window.
"I still suspect they won't make a decision with regards to Tommy until the end of the window," Rodwell said.
"He's on a Championship wage but we're hopeful that we can do something."
Rowe moved to Wolves back in 2014, but he has been unable to make much of an impact at Molineux.
A series of injury problems, combined with a loss of form, has seen Rowe fall way down the pecking order and his departure now seems inevitable.
Rowe has just six months remaining on his contract at Wolves, and it is unlikely that he will be offered an extension.