What are the circumstances you feel that Google will penalyze the Link Wheeling and why? If Google will do then how we can safe from Google?
The idea behind link wheel is to have a group of sites unrelated to others. If Google starts thinking you actually own all the sites, it will penalize you. Besides, linkwheels in that definition don't work anymore like they did an year ago.
Link wheel =spam, so you might be penalized. Forum profile spam is even worse, so the penalty might be permanent.
There is nothing wrong with providing good and diverse content on a certain topic you are good at, and then linking them to other articles that you have written. What is WRONG will be if you do so but act in a spammy manner: doing crazy linking for no other purposes than to increase your links. So, the key is to make it as natural as possible.