Wednesday were taken over by Thai businessman Dejphon Chansiri last week, and he's willing to pump money into the club in a bid to take them back to the Premier League for the first time since their relegation back in 2000 - and aims to do it by 2017.
Manager Stuart Gray will be eager to splash the cash this summer, and the Daily Star recently reported that Wednesday had eyed up Blackburn's Jordan Rhodes as their marquee signing in a £12m deal.
Yet according to the Sheffield Star, Gray is prioritising the permanent signings of loan stars McGugan and Keane this summer.
McGugan, 26, has hit three goals in 15 games from midfield, and is showing why he was so highly rated at Nottingham Forest after a tough start to the season with Watford.
Meanwhile, Keane has scored three goals in nine games since joining on loan from Manchester United in January, and at just 22, he certainly has his best football ahead of him.
Landing both players on permanent deals is likely to be expensive, but Gray told the Sheffield Star that the duo are the type of players the Owls need to sign if they are to make it back to the Premier League by 2017.
"If we can bring in players of that calibre, it can only be great for Sheffield Wednesday," said Gray. "If the chairman is talking about 2017, Lewis and Will are the type of players we need to get in to get the club to where they want to be."
Fans would surely love to see both players commit their futures to the club - and signing the pair permanently would be a great way to kickstart the Chansiri era.