Leeds are expected to lose last season's top scorer Chris Wood to Burnley for around £15 million, leaving them plenty of funds with which to secure a replacement.
Chris Wood of Leeds United celebrates
Wells meanwhile is facing an uncertain future at Huddersfield, having entered the final year of his contract there.
And though a regular as the Terriers were promoted from the Championship last season, the 27-year-old has been left facing a battle to get back into David Wagner's side once he returns from a spell on the sidelines, following the recent captures of Steve Moonie and Laurent Depoitre.
A £10 million move to Reading was mooted earlier in the summer, and the Royals remain 4/1 favourites for Wells' signature, ahead of 13/2 Birmingham City and Leeds - who were not on the list of potential destinations when the market first opened at the start of this month.
Wood missed Leeds' 2-0 win at Sunderland on Saturday and is expected to undergo a medical later today.
Nahki Wells of Huddersfield Town poses with the Championship play-off trophy