However, Boro boss Aitor Karanka stressed earlier this month that even though the Scotland international could be moved on when the transfer window reopens, it would take "the right offer from a club that wants to buy him" - and, according to HITC sources, that figure is £10 million.
Speaking to BBC Radio Sheffield ahead of Wednesday's Championship encounter with Barnsley on Tuesday, Carvalhal implied that the Football League's Financial Fair Play restrictions would make any such deal difficult for the Owls.
"People must understand that since the beginning we know where is the best players in the competition, but we can’t put the club in embargo," he stressed when asked about potential striking targets, specifically Rhodes.
"We have Financial Fair Play - this is important also - there are some clubs who maybe will be with problems now with Financial Fair Play, maybe, or in the end of the season but we are not [in this situation], we are trying to do things in the proper way."
Wednesday are currently without a number of key players through injury or suspension, however, with none of their absentees likely to be out long-term, Carvalhal added: "I don't think that we need a revolution here.
"We have our players, we trust in our players. We expect to recover some players because they are important to us. Fernando [Forestieri] will be back soon, Gary Hooper will be back soon, Marco [Matias] will be back soon, Almen [Abdi] will be also included soon.
"There are four players with value that [can] come inside the team and make us more strong. I wish more that they come back to the team than I bring another players from outside because if we go to market in January, of course, we will be with limitations."
Wednesday, who were narrowly beaten by third-place Reading on Saturday, can return to the top six with a win against Barnsley in the season's first South Yorkshire derby at Hillsborough.
Another side from the region, Rotherham United, are the Owls' next visitors on Saturday.
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