The former Leeds striker made the suggestion following the Whites’ 1-0 win against Hull City at Elland Road in the league on Saturday afternoon.
Pablo Hernandez’s stunning goal in the 29th minute proved to be the difference between the two sides.
The win against the Tigers means that Leeds are now back in the Championship playoffs.
Thomas Christiansen’s side are currently fifth in the standings with 39 points from 23 matches.
Leeds are eight points behind Cardiff City, who are second in the table at the moment and occupy the second automatic promotion spot.
Wolverhampton Wanderers are running away with the Championship title and are currently at the top of the standings with 54 points from 23 games.
Former Leeds striker Whelan believes that the West Yorkshire outfit should try to finish in the top two of the Championship this season, and has suggested that it is possible.
Whelan told BBC Radio Leeds: “Your aim has got to be the top two, that's always got to be the case.”
“You have got to looking at where Cardiff are because I think Wolves will probably run away with it, they will be difficult to catch, but I think anything up to second is a possibility, yeah,” added Whelan.