The defender is in talks over a new contract at Hillsborough.
The 32-year-old is currently in talks over becoming the latest member of Carlos Carvalhal's squad to put pen to paper over a new deal, with the Star reporting that a two-and-a-half-year contract is being discussed.
Should he sign, he will be following the likes of Barry Bannan and Atdhe Nuhiu, who also agreed extensions to their deals in the last couple of days, while Jack Hunt also recently signed up long-term, having previously been on loan from Crystal Palace (via Star).
In a squad that Carlos Carvalhal has continually tinkered with since his arrival, Loovens has been something of a constant for the Owls this season, making the prospect of his new deal a major boost for the club as they look to keep themselves in play-off contention.
Only Kieran Lee and Ross Wallace have started more Championship games than the Dutchman for the club this term, which shows that - despite his age - Loovens is one of the men that Carvalhal trusts the most to help take Wednesday back to the Premier League, a fact that is set to be confirmed by the awarding of his new deal.