An adjustable wheel assembly which facilitates the positioning of a wheel on an axle. The wheel assembly includes an elongated axle having a rack and a keyway, a wheel hub, and two pairs of arc-shaped wedges positioned between the axle and the wheel hub. Two of the four arc-shaped wedges are inserted into a tapered bore on one side of the wheel hub and the remaining two wedges are inserted into a second tapered bore on the opposite side of the wheel hub. Each of the four arc-shaped wedges further contains a radial flange with bolt holes therethrough so that each wedge can be bolted to the wheel hub. In addition, one of the wedges contains a radial opening housing pinion gear which meshes with the rack on the axle so as to axially move the wheel hub along the axle. The wheel assembly also contains a pair of jackscrews which are used to force two of the oppositely aligned wedges axially apart thereby allowing the wheel hub to be released from the axle.