According to the Stoke Sentinel, the Owls are keen to bring Streete in on loan before tomorrow's loan deadline. as they feel has has the ability to offer further quality to their defence.
Streete has been identified as one of Newcastle's brightest prospects and impressed on a brief spell at Port Vale earlier in the season.
The League One side are reportedly keen on bringing Streete back, but the move to Wednesday looks a more appealing one for the centre-back.
Blackpool are also said to be interested in the 20-year-old and they could pose more of a challenge to Stuart Gray's side.
Streete is a commanding centre-back, who is known for his aerial ability, but he has a limited amount of experience at senior level.
His earlier move to Vale, where he played three matches, was his first taste of first-team football and the opportunity of playing in the Championship would, therefore, be an exciting one for him.
Streete was recalled by Newcastle during his loan spell at Vale as they felt they had a lack of cover in the centre-back area, but Steven Taylor's return to fitness means that the youngster is available again.
If he does complete a move to Wednesday he will join a defensive unit which has proven to be very hard to break down during the campaign so far.
Although the Owls have struggled for goals at the other end, they have been very secure defensively and have conceded just 14 times in their first 18 league matches.