The Manchester United striker, who has been recovering from an ankle injury, is set to become the sixth addition of the winter window.
And Graham Alexander is also considering a push for another player ahead of the 7pm cut-off point.
Alexander has refused to discuss Wheatley, who has been touted as a loan signing ever since United took him back from a spell with Northampton.
But he confirmed: “I think we have got one ready to come in. So, hopefully, that will be sorted.
“And we're talking about another one in a different position. We've got to make a decision on that, where we feel it will be the right player for the right position.
“We’ll use right up to the deadline to get our work done. I think there'll be one minimum, probably two maximum.”
Calum Kavanagh yesterday completed his move to Oldham - the sixth player to leave City during the window.
His exit follows the arrival of Paul Mullin and Kayden Jackson, who both made their City debuts in Saturday’s 1-0 win over Doncaster.
Alexander felt the pair joining the squad has provided a timely lift for the players following a run of three defeats.
“Speaking to (head of football operations) David Sharpe discussing both players and trying to get the deals done, it actually gave me a little boost after the last couple of performances and results.
“So, I knew what effect it would have on the players when they walked in the door on Friday for training. I think it's good that we're trying to improve a really good team.
“It’s really important now that we get the profiles that we need to help do what we do.
“We aren’t going to change what we do, so the players have to fit into that. I think we've brought in two players that really do that.”
With Antoni Sarcevic still sidelined, Bradford-born Jackson was handed an immediate start. He played an hour before coming off in a triple change that saw Wrexham striker Mullin get his first chance.
“It was only a gamble from the physical element of starting Kayden,” added the City boss.
“We got his data from his training and he's played a couple of games recently and so has Mulls.
“If we'd have had Sarce fit, we probably would have kept Kayden back. But he's a brilliant professional and so fit as well.
“I said to him there was no way we were going to play him for 90 minutes. Just give us what you can and then hold your hand up.
“He went down with cramp and he wanted to carry on, but that was the sign for me just to take him off.
“We all knew Mulls can come on and help affect the game. He's a real pest and when crosses are coming in the box, we know he's going to be around those white things.”
Jackson thought he had a goal on his first outing – but it was overturned for hand ball after the intervention of the fourth official.
Alexander admitted: “I thought it was harsh on Kayden because he'd opened his account really early.
“But the biggest thing for us is it didn't knock us off our stride, which was my first concern.
“I was still angry about it two or three minutes later but I realised I had to put it away because I didn’t want the team to have it either.
“We had to focus on the next action and phase of play and we did that really well.
“I think we're learning, game in, game out, about how to compete at this level. We keep speaking about it but we’re five months into it after six years out.”