On the album It's only rock'n'roll, you have the indication Inspiration by Ron Wood for the song with the same title. On some books, authors say the same thing or talk about a creation of Ron Wood in presence of David Bowie.
More simply, you can hear the version of Blues power by Clapton in a concert in january 1973 with Pete Townshend, Jim Capaldie, Stevie Winwood,..., and Ron Wood.
The title Blues power became It's only rock'n'roll and guitars parts of Blues power became with some transformations It's only rock'n'roll.

Blues Power is a Leon Russell tune; it first appeared on Clapton's solo album of 1970, and was also covered by Albert King and, circa 1998, Clarence Gatemouth Brown.

Great version from the Rainbow show. Does in parts sound like Its Only Rock and Roll. Love that album, some great guitar all over it. Ronnie sounds great, as does Pete and Eric.