This paper addresses the fundamentals of the phenomenon of steady heat transfer by rolling contact between two bodies at different temperatures. The contact region is modeled according to the classical Hertz theory, by which the bodies undergo elastic deformation and the contact area has the shape of an ellipse. In the first part of the study it is shown that when the two bodies make contact continuously over the elliptical area, the overall heat transfer rate is proportional to the square root of the Peclet number based on the ellipse semiaxis parallel to the tangential (rolling) velocity. In the same case the heat transfer rate increases as the square root of the normal force (F) between the two bodies. The second part of the study treats the case when the rolling contact is made through a large number of asperities (contact sites) distributed over the elliptical contact area. The heat transfer rate is again proportional to the square root of the Peclet number. When the asperities are distributed randomly, the heat transfer rate increases as F5/6. In the case of regularly distributed asperities that undergo elastic deformation, the heat transfer rate is proportional to F13/18. The high Peclet number domain covered by this study is discussed in the closing section of the paper.