The Star claims that Joao is on the radar of London club Crystal Palace, who are also in the Premier League at the moment.
However, the former Nacional youngster has dismissed speculation over his future and has insisted that he is happy at Wednesday.
“Sheffield Wednesday are an amazing club,” Joao told The Star. “The atmosphere is unbelievable in the dressing room and I love the club.
“It is a dream come true playing in England and I want to stay here to help Sheffield Wednesday.”
Joao, who has earned two caps for the Portugal national team, joined Wednesday from Portuguese club Nacional in the summer transfer window.
The 22-year-old has scored five goals and created nine chances in 17 Championship appearances for Wednesday so far this season.
Joao has a pass accuracy of 70% and a shot accuracy of 40%, and has won 30 headers, nine dribbles and nine tackles.