Wheezy, often known as Wheezy the Penguin, is a rubber squeeze toy penguin with a red bow tie.

Woody found Wheezy after Andy's mom puts him on the shelf in Toy Story 2. He was about to be sold because his "squeaker" was broken, but Woody rescues him from the yard sale, only to be left behind and subsequently stolen by Al. When Buzz Lightyear plans a rescue, Wheezy, held by Rocky and Rock'N Robot, begs Buzz to rescue Woody. While held by Rocky, Wheezy waves goodbye to Buzz and his rescue troops as they leave on their mission. At the end of the film, he gets a new "squeaker" (he credits Mr. Shark for his contribution) and sings the ending theme of the movie.

In one outtake, when the microphone thrown by Mr. Mike strikes Wheezy, Wheezy apologizes for "hurting" his equipment and reminds him to aim at his flippers, although stating he is not a very perfect catch. Another outtake shows Wheezy inadvertently "swallowing" his recently-replaced squeaker when he gets struck by Mr. Mike's microphone again.

Wheezy was sold at a yard sale before Toy Story 3.