Thank you all for your suggestions!
Actually, we have thought about about framing out the contact point of the wheel but we didn't think that would look quite right either since it would just look like the area was "cut out". We've yet to try this but come to think of it, it may not look so odd if we take it to post and applied a shadow under the wheel.
We completely overlooked the matter of the bike's suspension so thank you Fran for highlighting that. It will definitely contribute to the overall illusion.
Anyhow, still open to suggestions but I'll keep you posted on how we end up doing things! Appreciate your replies!
Cheers,
Mei