Rodriguez impressed during his maiden season in the Bundesliga having made the move from FC Zurich in 2011.
The 20-year-old is contracted with Wolfsburg until 2015 but has been the subject of ‘discreet enquiries’ from Chelsea as well as Italian giants AC Milan according to the paper.
The Stamford Bridge-based club may see Rodriguez as a long-term replacement for Ashley Cole, who is currently locked in talks over a new deal that would extend his stay in west London beyond the end of the season.
The England international could leave Chelsea at the end of the season amidst reports that he has only been offered a one year contract extension, in contrast to the multi-year deal that he has been asking for.
Chelsea boss Roberto di Matteo has previously expressed his desire to keep the 31-year-old at Stamford Bridge but has an able deputy in Ryan Betrand should he leave.
Chelsea see Bertrand as a capable long-term successor to Cole, but could be targeting Rodriguez to provide competition for the talented youngster should he leave at the end of the season.
Paris Saint-Germain appears the most likely destination for Cole, with PSG boss Carlo Ancelotti – who guided Chelsea to the double in 2010 – declaring his admiration for the former Arsenal player earlier this year.