2‐(4‐Hydroxyphenyl)‐1,3,4‐oxadiazole can readily be iodinated/radioiodinated to 2‐(3,5‐diiodo‐4‐hydroxy‐phenyl)‐1,3,4‐oxadiazole which in a one‐step hydrolysis‐condensation serves as an indirect prosthetic moiety for iodination of carbonyl compounds.