Wolverhampton Wanderers are reportedly planning to spend £20m on two new strikers before the transfer window closes at the end of the month.
The Midlands side have already recruited heavily this summer, bringing in 11 new players, including the Championship-record signing of midfielder Ruben Neves for £15.8m.
Six of those signings have come in defence, however, while the club have also brought in two new goalkeepers, leaving Nuno Espirito Santo still searching for fresh faces up front.
Oliveira joined the Canaries from Benfica last summer, scoring 11 goals in 28 Championship appearances, and is valued at £8m.
Rhodes, meanwhile, is a proven goalscorer in the second tier, having previously found the net 83 times in 159 outings for Blackburn Rovers. The Scotland international only sealed a permanent switch to the Owls last month but would be available for around £12m.
Wolves have got the new Championship season off to the perfect start with successive wins over fellow promotion contenders Middlesbrough and Derby County.