Whelan, who missed a large part of last season through injury, is out of contract at Highfield Road at the end of next season, and the Sky Blues are keen to cash in on the player now, rather than risk losing him on a Bosman free transfer next summer.
Hutchings was keen to land the highly-rated front man, as he looks to strengthen his squad in time for next season's Premiership campaign, and avoid the kind of relegation battle that saw the Bantams have to fight until the final game of last season to avoid the drop.
However, the 25-year-old has rejected any possible move to Bradford, saying that he was looking for a move to a bigger club. Having rejected a new contract with Coventry, the former Leeds player was transfer-listed by manager Gordon Strachan.
Shortly after this announcement, City chairman Bryan Richardson confirmed that the club had been approached by a trio of Premiership sides, and confessed that the Midlands club were set to lose Whelan's services this summer.
Meanwhile, Coventry defender Gary Breen may be used in a players-plus-cash deal for Sheffield Wednesday midfielder Niclas Alexandersson, as the Sky Blues look to finally complete a deal for the Swedish international.
27-year-old Breen is desperate to re-establish himself as a first team player, having dropped down the Coventry pecking order behind Richard Shaw, Colin Hendry and Paul Williams, and would welcome a move to Sheffield Wednesday, despite having to move down a division.
Strachan will have to pay around £1 million, along with Breen, to secure Alexandersson's transfer from Wednesday, who are now keen to tie up a deal, following the withdrawal of bids from Aston Villa, Derby and Everton.