McGugan has been a revelation since joining the Owls on loan from Watford originally back in November, and he is a key member of Stuart Gray’s team.
Having been removed from the Hornets squad following the arrival of head coach Slavisa Jokanovic, there is even less chance of the Englishman making it back into the first-team squad.
Ben Watson and Miguel Layun were signed in the summer transfer window reducing the available midfield places further, while Adlene Guedioura is currently on loan from Crystal Palace and could be making the move permanently if he continues to be a success.
With chances looking at a premium at Vicarage Road, McGugan’s future appears to be away from Hertfordshire, and his time with Wednesday has allowed him consistent first-team football as a key starting member of the first-team squad.
That is the dream for many players, and with Wednesday now under new ownership, McGugan can consider himself a vital part of a team with dreams of the Premier League.
He is still contracted to Watford, though, and the 26-year-old has told the Daily Mail that he would be keen on moving permanently as long as the two clubs can come to an agreement.
McGugan said: “If Sheffield Wednesday and Watford can do a deal, then brilliant, but it’s up to the clubs. I can only concentrate on playing well on the pitch.
“At this point in time I’m playing week in week out, I have a smile back on my face, and that’s the most important thing.”