Start with a square piece of wood. Use a Forstner to hollow out the "hub" area. Using the center thus marked, cut the outside with a hole saw or fly cutter. Glue a dowel stub into the hole to produce the "hub." If you want the rim rounded over, maybe a roundover and router, but you could probably just as easily chuck a wheel in your drill press or lathe and round it with rasps/sandpaper/etc.
Or cheat and buy some ready-made wheels online. ;)