That type of space station is the most familiar to every fan of sci-fi, however, there are a few problems.
We do not have a heavy lift vehicle, at this time, to ship the components into orbit. The second problem is a large circular space station has to be constructed in space and we do not have the technology today to attempt such a task. While the robot arm on the the space station and the shuttle can do some lifting and construction the technology required to construct a wheeled space station is not in existence or even on the drawing board.
As an engineering exercise these technological shortfalls are certainly doable given time and money but in practically they probably never will be. A large wheeled space station, with all the infrastructure that would be required, probably would cost in the order of several "trillion" dollars and no nation or group of nations could afford such an undertaking.