He scored three times in 13 appearances, showing glimpses of promise, although clearly did not persuade the ambitious Owls to push harder for his signature.
A change of manager with the club under new ownership may have factored into that, but experienced Preston boss Simon Grayson had no such hesitation, bringing the youngster in to compete with Jermaine Beckford and Joe Garner.
Keane was very highly rated by Manchester United as a teenager, with the 22-year-old's development hurt by a serious knee injury sustained while Sir Alex Ferguson was still in charge.
The striker will benefit from a full pre-season for his new side, and this is the first full season's loan of his career, and is also crucial for him if he does not make the breakthrough at United, for he needs to show he is worthy of a permanent deal elsewhere at a good level.
For Preston the signing fills another need in the squad, and could be a stroke of genius if Keane can rediscover the prolific form he showed for United's academy early in his career.
Sheffield Wednesday fans reacted with mixed views, largely brushing off their failure, or decision not to sign the striker, while there were others who admitted they felt Keane could have been a good signing for the club.
Here is a look at what supporters had to say via Twitter...
#swfc will keane a quality player 2 good feet , would av bin a great addition on our new pitch, but not to be , good luck to him anyway— kevin gough (@kevowl10) July 8, 2015
Anybody upset by passing up on Will Keane? Not me really. So so striker unlikely to fire us up the league. #swfc are linked with better— 1867News (@1867News) July 8, 2015
Thoughts Wednesday might have been in for Keane. Not a bad player once he has proper match fitness. #SWFC— Al Maplo (@Maplo16) July 8, 2015
Possible blessing in disguise Keane going there least he can't come back to us! #swfc— Richard Mangham (@teddyatswfc) July 8, 2015
I have no doubt that Will Keane would be at #swfc had we not been taken over. With our new found ambitions, we need much better than him!— Kelly (@s26kel) July 8, 2015