It was claimed earlier this week that the Trotters were preparing a £9m bid for the 23-year-old Scotland international.
"Fact is very simple, he's a Blackburn Rovers player and I can't comment on him because it's disrespectful to them," Freedman told the Bolton News.
"Fiction is something we all dream of - he's a wonderful young player with a terrific goalscoring record. I think every manager in this division would like to have him in his team, or at least I'd like to think so.
"But that's the difference between actual facts, and fiction."
Rhodes scored 28 goals in 48 appearance for Blackburn in all competitions last season.