The Toffees are keen to cash in on McGeady during the January transfer window, and they would prefer him to move away from Goodison Park permanently rather than on a loan deal.
Everton have set a £4 million asking price for the skillful winger and Wednesday are reportedly prepared to match that figure.
The Owls are targeting players who have proven themselves in English football and they have money to spend in January.
Wednesday have already attempted to bid for Burnley’s Alan Judge, while they also missed out on Nick Blackman to Reading.
Carlos Carvalhal’s side are more optimistic about signing McGeady, though.
McGeady has rarely featured for Everton this season, and is understood to be desperate to get back playing regularly.
Wednesday would be willing to offer him a first-team spot as they bid to win promotion from the Championship and finally return to the top flight after too long away.