Currently there are two accepted definitions:

The most common accepted definition of the name is as follows:
The Name of the village is first recorded as Hoileck, and Hoiloch in the Domesday book then Changed in 1316 to Quelock and again in 1382 to Whelock, in 1384 to Welock, finally in 1390 it sees to have settled, and recorded as Wheelock as it is known today. The main reason for changes stem from people spelling as they sound it.
The word come from the word Chevel-og meaning winding, twisting, turning and the conclusions seem to be the river with its many twists and turns until they reach the central body of the river outside the village

The second but more obscure definition is as follows:
The development of Wellock via Wailock, Wallock from walok in 1379. This is the form which requires explanation and the evidence suggests that it was a diminutive of a personal or Christian name 'Wal'. This may have been meaningless when used in the 1300s, but etymologically it is probably the Old English word 'walh' meaning 'stranger' or 'foreigner'.