700cc and 27"???

At the moment I have two 27" wheels on an old 1980 road bike. I measured up the space between the dropouts( by the way they are the old school diagonal dropouts) and it is 125mm or so. I may have measured a bit off and i dont know what the average space is between. I was wondering if a 700cc wheel would fit? Or is it just a matter of a new axle+some washers to space it out? Any advice or help would be much appreciated.
Thanks Sam

It doesn’t depend on the rim. The Hub spacing is what could be different. Spacing is usually 120, 126 or 130mm. If your building up a new set of wheels just get a standard track hub (120mm) and use that. The bolts will pull the stays in as you tighten it. The only difference with the rims is a 700c is 4mm smaller than a 27’ so you may need a brake with a slightly longer reach. Easy.

Thanks very much. Im pretty dam nooby at the whole road bike thing. I’ll get there eventually. Brakes should be fine. Thanks again.