Old English hweol, hweogol, from Proto-Germanic *khwekhwlan, *khwegwlan (cf. Old Norse hvel, Old Swedish hiughl, Old Frisian hwel, Middle Dutch weel), from PIE *k(w)e-k(w)lo- "wheel, circle" (cf. Old Church Slavonic kolo "wheel"), a reduplicated form from root *k(w)el- "to go round" (see cycle (n.)).
Figurative sense is early 14c. Slang wheels "a car" is recorded from 1959. Wheeler-dealer is from 1954, a rhyming elaboration of dealer; wheelie is from 1966.