Newcastle were said to be most keen, reportedly ready to table a big offer in January. Norwich City, Sunderland, and Aston Villa also interested.
Lees has been superb for the Championship side this season, and helped the Owls keep a clean sheet in Capital One Cup victories over both Newcastle and Arsenal.
Wednesday are just four points off the play-offs, and Lees is a bedrock of the side. Letting him leave would be a big gamble for the Owls irrespective of the money they would receive.
Owner Dejphon Chansiri has funds to back the team already, and the club are not in any dire need of a big pay day.
A figure of £7 million has been touted in The Mirror's report for the former Leeds United star, but this is not one which has swayed Wednesday fans into thinking they should consider selling - with a number wanting double that amount.
Here is a look at the reaction via social media to the speculation...
If we want to move forward the last thing #swfc should do is sell Tom Lees You don't sell your best players— Wincobank Owl (@stevenowls) November 11, 2015
If Blackburn value Rhodes at £15m, that's what we value Tom Lees at. No less. He is of equal importance to our squad and our future. #swfc— James Marriott (@jamesmarriott) November 11, 2015
I hope the rumours of teams being after Tom Lees come to nothing. He's our best CB in years, would be disastrous to see him go! #swfc— James Howlett (@Howlinho) November 11, 2015
Wouldn't sell Tom lees in January no matter what #swfc— glen burke (@glenburke1980) November 11, 2015
#SWFC I don't think Tom Lees would want to go to clubs on their Way down he seems a wise owl— ima2owl (@ima2owl_aol) November 11, 2015
No less than 14 million for Tom Lees. He is only 24 years old! #swfc— Joe (@WAWAWJC) November 11, 2015