The 24-year-old only joined Wednesday from Leeds United in the summer of 2014, having emerged through the famed academy system at Elland Road, and played over 40 games for the club during his debut season at Hillsborough.
He is now being targeted by a number of second tier rivals, and sources close to the Owls suggest that he could be allowed to leave.
HITC Sport understands that Championship new boys Bristol City have come in with a £2million offer.
Earlier this month Fulham are understood to have had a £1.5million bid rejected.
Relegated duo Queens Park Rangers and Hull City are also understood to be keen on the former England Under-21 star as they go about plotting a return to the Premier League at the first time of asking.