Rhodes, 27, is regarded as one of the Championship's deadliest marksman but he's struggled to hit it off at Sheffield Wednesday.
The Owls are understood to be open to moving the striker on and Leeds will need to battle Wolves to get a move done.
Wood is likely to be joined through the exit door by Liam Bridcutt.
The midfielder, 28, is in talks to join Nottingham Forest and was left out the squad that beat Sunderland 2-0 yesterday.
Bridcutt captained Leeds last season but he has just a year left on his contract and is
Boss Thomas Christiansen has admitted interest from Forest is there and said: “I just heard it today. I have been speaking to him and I believe in him.
“I am very pleased by the work, how he acts on the pitch and he is a captain for me in the team, even if he is not in the squad.
“But his attitude is the right one, the preferred one so I will not complain about anything.”
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