Aston Villa have so far struggled in their pursuit of striker Rhodes, who has been frozen out at Middlesbrough.
Both have already rejected two bids for 26-year-old Rhodes and value him at £10million.
But with Aston Villa seemingly unwilling to meet that target, the Championship club have come up with a compromise.
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According to the Daily Mirror, Villa manager Steve Bruce is willing to use Grealish in a cash-plus-player deal to secure Rhodes’ signature.
Grealish, 21, has scored three goals in 23 games for Villa this season.
Meanwhile, Rhodes is yet to score from his six Premier League appearances this season and looks set to be offloaded.
Jack Grealish (left) could be swapped as part of Villa's Jordan Rhodes deal
Grealish has been a regular at Aston Villa this season
Middlesbrough striker Rhodes (left) has played just six times all season
The Scotland international cost Boro £9m when he arrived from Blackburn in February last year.
He scored five goals for Boro last season to aid their path to Premier League promotion but has since lost his place to on-loan striker Alvaro Negredo.