Wood has fallen out of favour at Leicester, with Andrej Kramaric's arrival forcing him further down the pecking order, and his potential availability has alerted Wednesday.
The Owls now have funds to spend following a takeover last week and the arrival of Wood would be a statement of their intent.
The New Zealand international has made nine appearances for Leicester in the current campaign, but he has not played in the Premier League since the end of December, meaning a loan move where he can receive regular football is likely to be appealing.
What's the impact for Wednesday?
Wood would be a really impressive signing for the Owls and he could kick the side on to the next level.
The Owls have struggled for goals so far this campaign, but Stuart Gray's strike-force would be hugely improved by Wood's arrival.
Will Keane and Lewis Baker have already arrived during this transfer window, with Wednesday showing their new-found spending power, and Wood would only make their squad look even more impressive.
The 23-year-old has already shown how dangerous he can be at Championship level and the potential to see him at Hillsborough for the remainder of the campaign is sure to excite fans of the Yorkshire club.