The Whites have just splashed the cash to bring in Georginio Rutter from Hoffenheim on a club-record deal and it could open the door for Gelhardt to go.
Gelhardt is looking at limited game time for the rest of the season if he stays put and Leeds could loan him following their FA Cup replay against Cardiff City later this week.
He has interest from several clubs, including Blackburn Rovers, Wigan Athletic and Swansea City.
Gelhardt has a preference in that he would like to remain in the north, rather than head down south.
That could hand Blackburn the edge if they can offer him regular game time in a team that are chasing promotion to the Premier League.
Blackburn currently sit in fifth spot in the Championship standings, but were thrashed 4-0 by Rotherham United on Saturday.
The Ewood Park outfit will bid to bounce back when they travel to play Bristol City next weekend and it remains to be seen if they will have landed Gelhardt ahead of the clash at Ashton Gate.
