The Star understands the Championship club are ready to cash in on the striker as Owls manager Steve Bruce seeks to reshape his squad in preparation for the 2019/20 season.
Bruce has expressed his desire to trim Wednesday's forward line as part of a summer rebuild. The Owls have an abundance of striking options, including Rhodes, Steven Fletcher, Lucas Joao, Fernando Forestieri, Sam Winnall and Atdhe Nuhiu.
But Rhodes spent last season on loan at Norwich City, helping the Canaries win the Championship title. The 29-year-old, who cost Wednesday £8million in February 2017, bagged nine goals in 40 Norwich appearances but largely provided back-up in attack to Finland international Teemu Pukki.
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Sources close to the player say Rhodes is keen to return to Carrow Road on a permanent basis.
Although Norwich are big admirers of Rhodes, the Premier League new boys have yet to table a bid. Wednesday have not, contrary to reports, slapped a a £7m price tag on Rhodes, who still has two years remaining on his Owls contract.
But Stuart Webber, the Canaries sporting director, said in a recent interview that it is unlikely he will rejoin the club.
He said: "First of all, we never had the option to buy him, in writing. We couldn't agree that last summer so we didn't have it. It was just a straight forward loan. So it's not like we've tried to renegotiate that, it never existed.
"It's a difficult one with Jordan because he did so well for us, on and off the pitch. When we talk in terms of the cultural architects within the group, which we've spent a lot of time developing, that's so important, that people get what we want to be.
"He was an unbelievable leader in that and people will never - unless you're in the building every day - appreciate what he gave to this club - in terms of other than the important goals he scored, which were there for all to see.
"So if there was a way we could bring him back that would be great but at the same time, he's 29, he's got two years left on his contract at Wednesday, their valuation of him last summer was outrageous and that will be pretty high again.
"So it's a really difficult deal for us to do. We've got a really small budget and to go and spend a lot of that on a 29-year-old who has a pretty high salary, which is well documented, that would be tough - for someone who was a number two striker, in the end, in the Championship."