Rhodes has left his position as Wednesday's goalkeeper coach to become Frankie Bunn's assistant manager at Oldham Athletic.
And Pressman would be free to replace the 53-year-old, having recently left Millwall after six years working with the Lions' shot-stoppers.
The Wednesday club legend has already acknowledged the vacancy on Twitter.
Despite having left the Owls 14 years ago, Pressman continues to reside in nearby Chesterfield and would surely consider an approach from Hillsborough.
The 50-year-old came through the ranks at Wednesday and went on to make close to 500 appearances for his boyhood club over a 17-year period.
And while his first spell there ended in controversial fashion, after the Owls denied Pressman a testimonial, Hillsborough has since seen multiple regime changes.
Should Sheffield Wednesday bring back the former Millwall goalkeeper coach?