Any one have the knowledge about the link while it is a new technique of link building. i have very little knowledge about it.
A Link WHEEL is not a new technique at all. Let me show you a new technique - it's called using the search function to find previous posts about link wheels like this one, this one, this one, this one and this one. In short, it's an old technique that isn't particularly effective unless you start building lots of links to each page on the wheel. Even then, I would not recommend using a link wheel.
its basically setting up a whole bunch of web 2.0 pages and link each page with others. basically you are creating a network of web 2.0 pages where each page passes link juice to the other. if you want to setup web 2.0 pages on high PR sites, thats fine but linking all the pages with each other is not recommended. its just a matter of time till google finds out.
Above already said about the definition of link wheel and the ways it work. I would recommend you think carefully before use this kind of links. This is about the quantity and not a quality links. I do not think link wheel could bring your website that far without mixing with other type of links.
A link wheel will hurt your site.. a link push will help your site. The search engines see a link wheel as unnatural group linking and thus give you no value anymore.