The report claims the Owls want £10 million for the striker this summer, but after little interest from clubs in meeting their asking price, they seem open to him re-joining Norwich on a season-long loan deal.
The former Blackburn Rovers striker was largely used as an impact player. He made a total of 36 Championship appearances, scoring six goals.
Norwich manager Daniel Farke has been keen on bolstering his striker options this season. Rhodes will likely play a part-role again, covering for Finland international Teemu Pukki.
The 29-year-old has Premier League experience after playing a handful of games for Middlesbrough during the 2016-17 campaign, however he has yet to find the net at top-flight level.
Rhodes has a contract at Hillsborough until 2020. It would likely be in the Owls’ best interest to sell him now rather than risk losing him on a free next summer, but his wages could be a potential stumbling block.
Norwich, meanwhile, have barely spent anything so far this summer with players such as Josip Drmic and Charlie Gilmour arriving on free transfers while goalkeeper Ralf Fahrmann has joined on loan.
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