There is probably a better way but you could make a bunch of copies of the image, shift the hue in GIMP (or whatever image editor you prefer) until you end up with an amount of images equal to the total number of changes you want throughout the day, put them all in a directory, go to set that directory as your wallpaper image, make it a slideshow and set the timer to change however often you want the shift to happen.

If you were trying to make a specific color match a specific time of day, it would not work, unless you set the wallpaper after each reboot to the appropriate color. It also would be a bit tedious if you wanted a large number of hue changes throughout the day.