Link Wheel is just an SEO strategy which is used for getting higher ranking in SERPs.
A Link Wheel or Wheel Link may also be described as a network of websites and blogs enjoined with each other and linking them to your website, thus helping your site to rank up in Google’s front page.

Despite there being so many speculations about the efficacy of link wheel strategies, it may be stoically declared that the strategy does work but there are hell of a lot of things that need doing before reaching your goal.

• High PR sites will help you most: No matter what you think about constructing a link wheel, go for high PageRank sites.
• Do a Content Wheel too: Along with constructing your link wheel, do a content wheel too. For example, if you start with ‘pet food’, you put an article on Squidoo for pet food and simultaneously link to Hubpages for a write up on ‘pet food products’. It is always good to use contextual links, in relation to link wheel building, especially within your submission so that it can automatically flow into the next site on your wheel.
• Content is the king: So take care of this, by hook or by crook. Use software, pay handsomely to professional content writers or go to a reputable SEO company to get the right content if you are serious about creating link wheels.
• Hype your Link Wheels: While constructing link wheels, why get busy with the linking and the content issues only? Since these are going to be 1st tier links, why not hype them too? After all, backlinking concerns building the juice from each tier; which in other words mean that your 1st tier will be getting the traffic. Enhance your income by hyping your links with attractive ads, affiliate links as well as eBay and Amazon products. You will surely gain, I can promise you.
  Incidentally, Link Wheel building has again hit SEO headlines as of now and so the matter needs careful study and practice by all who are striving for higher ranking in SERPs all over the world.